Hectic activity inaluminium stocks

FE Investor Bureau

New Delhi, Apr 8: Aluminium counters saw hectic activity on Thursday. Most aluminum scrips opened on a firm note in the morning and, by afternoon, had moved up in line with the general market sentiment. However, they closed lower in the wake of profit-booking due to the political uncertainity. The sudden interest follows the aluminum manufacturers' decision to do discontinue all discounts to the customers and revise prices upwards following the firming up of prices of aluminum on LME.

Hindalco opened Rs 4 higher at Rs 460 and soon touched the day's high of Rs 476.75. Profit booking by the operators saw the stock close at Rs 453.25. Indian Aluminum opened higher at Rs 55.9 against the yesterday's close of Rs 53.75, but profit booking led the scrip to close at Rs 52.75. ``With the clouds of political uncertainty still hovering over the market operators used the good news on the aluminum front as an opportunity make quick gains,'' says a NSE dealer with a foreign brokerage house.

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