NALCO, Hindalco, Vedanta shares rally up to 10%. Here’s why
[hfe_template id='11223']
[ad_1]
Shares of Indian metal companies National Aluminium (NALCO), Hindalco, and Vedanta shot up by 10% on Monday after the aluminium prices went up over the weekend after China's finance ministry proposed to reduce or cancel export tax rebates for commodities including copper and aluminium, effective December 1. Shares of NALCO skyrocketed by 10% to their intraday high of Rs 241.75 on the BSE, followed by Hindalco shares, which surged by 5% to Rs 657.60. Meanwhile, shares of Vedanta went up by 4.5% to Rs 453.10. China’s move to cancel or reduce the longstanding tax rebate for its export-driven aluminium industry triggered a sharp rally in aluminium prices on the London Metal Exchange on Friday. This strategic decision aims to address the excessive supply of Chinese aluminium in global markets, a recurring issue that has fueled trade tensions with the US and Europe. China exports significant amounts of aluminium in the form of semi-finished...