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Metal Stocks Shine: NALCO, Hindalco Jump Up To 4.5% As Nifty Metal Index Surges 2%

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Metal Stocks Shine: NALCO, Hindalco Jump Up To 4.5% As Nifty Metal Index Surges 2%


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Shares of metal companies rallied sharply on October 24, defying the broader market downturn

Metal Stocks

Metal Stocks

Metal Shares Gain: Shares of metal companies rallied sharply on October 24, defying the broader market downturn. The surge pushed the Nifty Metal index up more than 2% to 10,457.40 in early trade before paring some gains to trade 1% higher at 10,359 around noon.

Here are the key factors driving the rally in metal shares:

1. Trump–Xi Meeting Hopes Ease Trade Concerns

Global metal prices surged after the White House confirmed that U.S. President Donald Trump will meet Chinese President Xi Jinping in South Korea on October 30, as part of Trump’s Asia visit.

The announcement came amid renewed trade tensions following Trump’s plan to raise tariffs on Chinese imports to 155%. Investors are now hopeful that the meeting could ease trade hostilities, improving the global demand outlook for metals.

White House Press Secretary Karoline Leavitt said Trump’s itinerary includes stops in Malaysia, Japan, and South Korea, following his address at the APEC CEO Summit.

2. Metal Prices Rise on Tight Supply and Global Stimulus Hopes

Aluminium prices on the London Metal Exchange (LME) climbed past $2,850 per tonne, supported by strong demand and tightening supply. The rally was further fueled by expectations of monetary easing from major central banks.

Adding to the supply crunch, a smelter in Iceland temporarily shut operations due to equipment failure, likely affecting 100 kt of production. Copper prices also advanced about 2% on the LME.

3. US Fed Rate Cut Expectations Lift Sentiment

Optimism around further rate cuts by the U.S. Federal Reserve added to the positive momentum. According to a Reuters poll, the Fed is expected to cut interest rates by 25 basis points to 3.75–4% on October 29, with another potential cut in December.

Lower rates generally boost non-yielding assets like commodities, supporting investor appetite for metals.

4. Top Metal Gainers

National Aluminium Company (NALCO) shares have gained more than 4 percent, while Hindalco Industries and Hindustan Copper shares have gained more than 3 percent each. Vedanta shares were up nearly 3 percent.

Earlier during the day, Hindalco shares hit a 52-week high of Rs 826.50 apiece. This comes after its subsidiary Novelis said that its fire-damaged plant in Oswego will restart by the end of December, earlier than expected.

Hindustan Zinc shares gained around 2 percent, while NMDC, Jindal Stainless Steel, Steel Authority of India (SAIL) and Jindal Steel and Power shares were up around 1 percent each.

Heavyweights Tata Steel and JSW Steel shares were trading in the green with marginal gains.

Bucking the trend, APL Apollo Tubes, Welspun Corp and Adani Enterprises shares were trading in the red.

Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Aparna Deb

Aparna Deb

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More

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US denies Iranian report warship was struck by missiles

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US denies Iranian report warship was struck by missiles



It comes as the US said on Monday it will begin to help “guide” vessels out of the Strait of Hormuz.



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Heineken plans huge investment in hundreds of UK pubs ahead of World Cup

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Heineken plans huge investment in hundreds of UK pubs ahead of World Cup


Heineken has revealed plans to invest more than £44 million into improvements for hundreds of its UK pubs.

The Dutch brewing giant said the cash injection into its Star Pubs operation, which runs 2,350 sites across the UK, will create around 850 jobs.

The major investment plan comes despite a challenging backdrop for the pub sector.

Pubs have come under pressure from rising labour costs and increases to national insurance contributions over the past year, while consumer spending has also come under pressure with concerns over inflation and rising unemployment.

However, pubs received additional business rates support from the Government from last month to help ease their cost pressures.

Lawson Mountstevens, Star Pubs’ managing director, said the company’s investment plan is partly aimed at boosting revenues to help the group cope with the recent “sustained increases in running costs”.

The plans will see the business invest £44.5 million this year into upgrades for 647 of its pubs.

It said 108 of its venues will see particularly significant cash injections, with these all set for transformations costing at least £145,000.

Brewing giant Heineken (PA)

Heineken said the majority of pubs are owned by the group but independently operated by locals, with sports-focused venues an emphasis for investment in the run-up to the 2026 football World Cup.

The pub firm and brewer said it has pumped £328 million into British pubs since 2018.

It has already started work in 52 locations, including eight projects where it is reopening boarded-up pubs which have suffered from lengthy closures.

Mr Mountstevens urged the Government to reduce the tax burden on pubs to help ease the cost burden and support more job creation in the industry.

He said: “We can only do so much; the root-and-branch reform of business rates that the industry has been calling for over many years is urgently required, as well as a lowering of the burden of taxation on pubs, including VAT and beer duty.

“We are calling on the Government to support us in bringing out the best in the Great British pub.”



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NCLAT dismisses Vedanta’s plea against Adani’s Jaiprakash bid – The Times of India

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NCLAT dismisses Vedanta’s plea against Adani’s Jaiprakash bid – The Times of India


A company law appeals court on Monday rejected a challenge by mining billionaire Anil Agarwal’s Vedanta Ltd to the winning bid by Gautam Adani’s group for bankrupt real estate firm Jaiprakash Associates Ltd (JAL), whose assets include India’s only Formula One circuit. The National Company Law Appellate Tribunal (NCLAT) did not find merit in the issues raised by Vedanta and dismissed its two petitions. A Bench comprising Chairperson Justice (retired) Ashok Bhushan and Technical Member Barun Mitra held that the Committee of Creditors (CoC) were right in preferring Adani Group’s Rs 14,535 crore bid over Vedanta’s resolution plan for JAL. That decision was approved by the National Company Law Tribunal (NCLT), against which Vedanta went into an appeal in NCLAT. “No grounds have been made out by the appellant (Vedanta) to interfere with the decision of the adjudicating Authority (NCLT),” NCLAT order said. “There is no merit in the appeal. Both appeals are dismissed. There shall be no orders to pass.” NCLAT said the decision of the Committee of Creditors was based on “overall consideration of the respective resolution plan and was taken in its commercial wisdom,” said the appellate tribunal. JAL was admitted for insolvency proceedings in June 2024 after it failed to pay bank dues exceeding Rs 57,000 crore. The resolution process drew 28 expressions of interest, with six final bidders including Vedanta, Adani Enterprises and others. Adani and Vedanta emerged as frontrunners, with Adani’s proposal scoring higher on upfront recovery and overall value. The CoC approved Adani’s plan in November 2025 with a 93.81 per cent vote. Vedanta later submitted a revised offer, valued at Rs 16,070 crore, but creditors declined to consider it, citing rules barring post-deadline changes. Vedanta argued the process lacked transparency and that its revised bid offered superior value. Creditors countered that the revised proposal was submitted only after Vedanta became aware it was trailing the winning bid. The appellate tribunal had earlier declined to stay implementation of Adani’s plan, a decision subsequently upheld by the Supreme Court, which directed an expedited hearing while requiring key implementation decisions to receive tribunal approval. Monday’s ruling clears the way for Adani’s takeover of JAL unless Vedanta challenges it in the Supreme Court. In its order, NCLAT also said there has been “no material irregularity committed by Resolution Professional while conducting the plan resolution process.” NCLAT also dismissed Vedanta’s plea, where it had questioned the evaluation metrics adopted and had said its bid was Rs 3,400 crore higher in gross value terms and roughly Rs 500 crore more in net present value compared to the Adani Group’s bid. Rejecting this, NCLAT said “decision of CoC not approving the resolution plan of the appellant with a higher plan value of Rs 3,400 crores and NPV of Rs 500 crore as compared to plan of respondent No 3 (Adani) cannot be said to be arbitrary or perverse.” On March 17, the NCLT, Allahabad bench, approved Adani Enterprises Ltd’s Rs 14,535-crore bid to acquire JAL through the insolvency process. This was challenged by Vedanta before the appellate tribunal NCLAT. On April 23, the insolvency appellate tribunal had concluded its hearing after hearing the petitioner Vedanta and respondents, including the Resolution Professional, Committee of Creditors (CoC) and Adani Enterprises. Vedanta has questioned the evaluation metrics adopted by lenders of JAL, which had selected the lower bid of Rs 3,400 crore from Adani Enterprises for the debt-ridden company and questioned the commercial wisdom of CoC. Earlier, on March 24, NCLAT declined any interim stay over the Vedanta Group’s plea against the order passed by the NCLT approving Rs 14,535-crore bid by the Adani Group for acquiring JAL. However, it had also said the plan would be subject to the outcome of the appeals filed by the Anil Agarwal-led Vedanta Group. This interim order by NCLAT was challenged before the Supreme Court, which also declined to grant a stay. However, the apex court had directed that if the monitoring committee planned to take any major policy decision, it should first obtain the Tribunal’s sanction. Adani Enterprises had outbid Vedanta and Dalmia Bharat to win the bid for JAL. Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat), and Vedanta Group. The CoC defended its decision, saying the process complied with all Insolvency and Bankruptcy Code (IBC) rules. They maintained that no bidder has a guaranteed right to win, even if it offers the highest value. They said plans were evaluated on multiple factors, including upfront cash, feasibility, and execution, not just headline value. JAL, which has high-quality assets and business interests spanning real estate, cement manufacturing, hospitality, power and engineering & construction, was admitted to the CIRP in June 2024 after it defaulted on payments of loans aggregating Rs 57,185 crore. JAL has major real estate projects like Jaypee Greens in Greater Noida, a part of Jaypee Greens Wishtown in Noida (both on the outskirts of the national capital), and the Jaypee International Sports City, located near the upcoming Jewar International Airport. It also has three commercial/industrial office spaces in Delhi-NCR, while its hotel division has five properties in Delhi-NCR, Mussoorie, and Agra. JAL has four cement plants in Madhya Pradesh and Uttar Pradesh, and a few leased limestone mines in Madhya Pradesh. It also has investments in subsidiaries, including Jaiprakash Power Ventures Ltd, Yamuna Expressway Tolling Ltd, Jaypee Infrastructure Development Ltd, and several other companies.



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