Commodity Online
MUMBAI: Metal and cement stocks trade with moderate movement, ignoring the railway budget, which kept the freight rates unchanged for the industry.
According to most analysts, the stocks were not reacting much to the railway budget as freight rates had not been tinkered with as was expected. BSE Metals index was marginally up by close to 1% at 11,350 in the afternoon trading session today, with lead taken by steel stocks including JSW Steel Ltd and Tata Steel Ltd.
Explore Commodity Online Mobile ServicesJSW Steel Ltd gained by 0.7% to Rs.621.30, and Tata Steel Ltd was trading at Rs.437.50 up by over 4% on the BSE.
Though the railway minister announced a lot of infrastructural expansion plans there were not enough details on their implementation, which failed to attract infrastructure stocks including cement stocks. The freight terminal privatisation is a positive but there are no details on the modalities of the partnership and if the private partner can generate revenues from the terminal.
Cement stocks including ACC Ltd and Ambuja Cements were trading marginally up from their previous close. Ambuja Cements was up by 1% at Rs.90.25, while ACC Ltd was trading at Rs.767 up by 0.7% and Ultratech Cements was trading at Rs.692 up by 1% during the afternoon trading session today.
