Hindalco Industries added 1.15 per cent in early trade after global rival Alcoa Inc reported higher than expected earnings. Investors say this augurs well for Hindalco’s arm Novelis, which competes with Alcoa in the North American markets.

Novelis is the world's largest producer of rolled aluminium products. Also, Alcoa CFO said the overall aluminium price is expected to remain stable.

At 11.05 am, the Hindalco stock was up 0.99 per cent at Rs 152.60 on the NSE.

Crompton Greaves : The company’s shares were up after it signed an agreement with France’s Arelis to jointly manufacture electronics components for aerospace and defence sector.

Analysts said global partnership in aerospace and defence will be beneficial in the long term to the company.

Crompton Greaves shares were up 1 per cent or Rs 1.90 at Rs 192.

BEML, Ramkrishna Forgings : Shares of BEML and Ramkrishna Forgings surged on fund buying. BEML gained 3 per cent to its highest since January 2011 while Ramkrishna Forgings rose as much as 3.4 per cent to its all-time high.

BEML shares and Ramkrishna shares have corrected since.

At about 11.10 am, BEML was trading up 1.95 per cent or Rs 17 at Rs 890, while Ramkrishna Forgings was up 1.15 per cent or Rs 4.45 at Rs 392.85.

Merrill Lynch Capital Markets has bought 254,836 shares of BEML at Rs 846.73 a share in block deal, according to the NSE.

UTI Mutual fund's midcap scheme has bought 383,211 shares of Ramkrishna at Rs 387.98 a share, it said.

Related Topics
comment COMMENT NOW