Metal Stocks Update

Metal stocks witnessed a sharp surge on Wednesday, 13 May, tracking a steep rise in gold, silver, and other base metals. Shares of Hindustan Zinc, Vedanta, Hindustan Copper, NALCO, and other metal counters rallied significantly during the session as a jump in commodity prices improved sentiment across the sector. The rise in metal stock prices comes after the government has raised import duties on several categories of gold, silver, and other precious metal imports to 15% from 6%. Nifty Metal soared 1.3% with all its constituents in the green. Hindustan Zinc was the top gainer, surging almost 5%, followed by Hindustan Copper, which added over 3%. Meanwhile, Vedanta, National Aluminium Company, and Hindalco gained over 1.5% each.