Hindalco Soars On Buzz Of Anti-Dumping Duty On Aluminium

November 03, 2016 - 02:59:29 PM

HINDALCOHindalco share price surged as much as 6.32 per cent in an otherwise flat market to hit a fresh 52-week high of Rs.166.40 on the National Stock Exchange (NSE) on buzz that that the government might impose duty protection measures for the domestic aluminium sector. Press Trust of India (PTI) cited Union Mines secretary Lavendar Kumar as saying that they were working to offer safeguard duty protection for the primary aluminium producers being hurt from dumping. He added that they would decide on the matter soon, may be in 2-3 weeks.

In another development, the Indian government imposed a provisional anti-dumping duty on the imports of hot-rolled steel products from China to decline overseas purchases of the alloy and shield local mills. The anti-dumping duty has been levied for a span of 6 months. 

As of 13:44 p.m., Hindalco share price traded 4.41 per cent higher at Rs.163.40 on the NSE today. The scrip opened at Rs.156.95 from a previous closing of Rs.156.50. The stock touched the day’s high and low of Rs. 166.40 and Rs.156.75, respectively. So far, over 2 lac shares have traded on the counter with a traded value of Rs.35040.36, as per NSE.

The lower price band of the share is 140.85 and the upper price band is 172.15. The 52-week high of Hindalco share price is observed at 166.40 (03-NOV-16) while the 52-week low is seen at Rs. 58.80 (12-FEB-16). Hindalco is analyzed by Dynamic Levels Researchers and stock analysts as the top 500 performing scrips for this quarter among 1700 scrips which are listed on the National Stock Exchange (NSE). 

For more details on the scrip and also financials and fundamentals of the company, please visit Hindalco share price history. Here you will also come across resistance and support levels of the Hindalco stock.  

 

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