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<ul><li>Hindalco Industries have surged 15% in the last 5 days on its US subsidiary Novelis' upbeat earnings and plans to raise $1,500 million.</li><li>The rally in the stock on July 29 pushed the company’s market capitalisation to ₹1 lakh crore.</li><li>Shares of the company were at a 52 week record high at ₹456.45.</li><li>Nifty Metals are up 4.5% led by gains in Tata Steel and Hindalco Industries.</li></ul>Market capitalisation of Hindalco Industries crossed ₹1 lakh crore as the stock rallied 15% in the last five days and nearly 10% on July 29. Investors took positive cues from the company’s US subsidiary Novelis that came up with its June quarter earnings this week. Not only did the company give better-than-expected earnings, it announced plans to raise $1,500 million to refinance higher-cost bonds. Shares of aluminium and copper manufacturing company Hindalco surged more than 9%, on July 29, to reach its 52 week record high of ₹456.45. Most of the metal stocks were up on Thursday, while Hindalco Industries remained the top gainer in the batch. Nifty Metals are up 4.5% led by gains in Tata Steel and Hindalco Industries. In the last 30 days, Hindalco Industries’ stock has surged 18%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firm </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SMC Global Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹464 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICIdirect </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹475 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹500 </td></tr></tbody></table> The company is yet to announce its June quarter results. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-tech-mahindra-infosys-and-other-it-stocks-surge-after-cognizant-earnings-report/articleshow/84849030.cms">Cognizant guidance gets peer stocks like HCL Tech and Tech Mahindra buzzing </a> <a href="https://www.businessinsider.in/stock-market/news/tatva-chintan-pharma-chem-ipo-makes-strong-listing-on-exchanges-with-100-premium/articleshow/84849223.cms">Tatva Chintan Pharma Chem IPO makes strong listing on exchanges with 100% premium </a>

Hindalco Industries rallies 10%, market capitalisation touches ₹1 lakh crore

The government in Beijing has ordered its state firms to stop buying commodities like <keyword id="55899" type="CITY" weightage="20" keywordseo="iron">iron</keyword> ore, <keyword id="46003" type="ENTERTAINMENT" weightage="20" keywordseo="Copper">copper</keyword>, aluminium, <keyword id="90405" type="COMPANY" weightage="20" keywordseo="Zinc">zinc</keyword> and others from foreign countries, according to a Bloomberg report, which cited sources it didn’t name. This has led to a sharp dent in sentiment in global commodity markets. Even in India, the metal stocks, which were in the middle of a historic rally, took a dive soon after the news broke. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 16, 11:35 a.m. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 12 months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.25% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.21% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">268.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel and Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.93% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">184% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Steel Authority of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">346.95% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.94% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">271.48% </td></tr></tbody></table> The expectation from the Xi Jinping administration is that in the absence of big buyers from China, global prices of raw materials will fall. Therefore, the smaller businesses will get a better price for the inputs, and be able to protect their profit margin. China has been increasingly wary of the global surge in prices of key raw materials used in industry. Since the pandemic has curbed the consumer’s purchasing power, companies have not been able to pass on the rising cost of commodities, and therefore, the profit margins are getting squeezed. Last week, the cost of raw materials, measured by the producer price index in China, hit the highest level in 12 years. The policy measure will go beyond stopping commodity imports. The state firms will need the inputs to keep their business running. China’s National Food and Strategic Reserves Administration will soon <a href="https://www.bloomberg.com/news/terminal/QUS0XZT1UM1B">release</a> state stockpiles of metals including copper, <keyword id="126663" type="COMPANY" weightage="20" keywordseo="aluminum">aluminum</keyword> and zinc, instead of relying on global suppliers. The metals will be sold in batches to fabricators and manufacturers. China has been the world’s biggest guzzler of commodities for many years. However, in recent times, the world’s second largest economy has shifted its focus to domestic consumption instead of being an exporter to the world at large. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/dodla-dairy-ipo-price-gmp-should-you-subscribe/articleshow/83548332.cms">Dodla Dairy IPO – find out if you should subscribe to this Hyderabad-based dairy company’s stock</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kims-ipo-price-gmp-should-you-subscribe/articleshow/83547843.cms">KIMS IPO – most analysts are bullish on the hospital chain’s prospects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shyam-metalics-ipo-price-gmp-should-you-subscribe/articleshow/83506838.cms">Shyam Metalics IPO worth ₹909 crore is live – find out if you should subscribe to this Kolkata-based producer of long steel products</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/jubilant-foodworks-easy-trip-planners-dr-reddys-and-other-stocks-to-watch-out-for-on-june-16/slidelist/83561930.cms">Jubilant FoodWorks, Easy Trip Planners, Dr. Reddy’s and other stocks to watch out for on June 16</a>

China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses

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Hindalco Industries rallies 10%, market capitalisation touches ₹1 lakh crore

Bhakti Makwana

China has decided to take global commodity bulls by their horns ⁠— to protect the profit margins of its small businesses

Sriram Iyer

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