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Metal stocks remain on buyers’ radar as cabinet clears amendments to mining act

10 Mar 2016 Evaluate

Shares of metal companies edged higher as the Union Cabinet has cleared amendments to the MMDR Act.

Hindalco Industries is currently trading at Rs. 84.90, up by 3.70 points or 4.56% from its previous closing of Rs. 81.20 on the BSE. The scrip opened at Rs. 81.70 and has touched a high and low of Rs 85.55 and Rs. 81.60 respectively. So far 1030517 shares were traded on the counter.

Jindal Steel & Power is currently trading at Rs. 67.00, up by 2.00 points or 3.08% from its previous closing of Rs. 65.00 on the BSE. The scrip opened at Rs. 65.10 and has touched a high and low of Rs. 67.80 and Rs. 63.00 respectively. So far 1785141 shares were traded on the counter.

Tata Steel is currently trading at Rs. 296.95, up by 1.50 points or 0.51% from its previous closing of Rs. 295.45 on the BSE. The scrip opened at Rs. 296.20 and has touched a high and low of Rs. 301.15 and Rs. 294.90 respectively. So far 748475 shares were traded on the counter.

The Union Cabinet cleared amendments to the Mines and Minerals Development and Regulation (MMDR) Act. MMDR regulates mining sector activities in the country. The move would allow transfer of mining lease for captive mines, as compared to the present scenario where transfer of mining lease is only for auctioned mines.

 

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