- 5 weeks ago
Metal rally: Why copper and silver look better than aluminium
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00:00good afternoon you're watching the market closing show on the business today show as
00:20far as the closing action is concerned let's take a look at what's hot in the corporate
00:24and the financial world massive drop in stock prices of reliance industries wipes out one
00:33lakh crore rupees of investors wealth in a single trading session the index heavyweight also drags
00:38down both nifty and sensex investors sell the shares even after the company is denied its
00:43refineries and receiving fresh russian crude oil brokerage clsa has dropped reliance industries
00:48from its 2026 top picks favoring demart and zomato following reliance industry sharp slide
00:58markets also slip as investors weigh u.s tariff risks and venezuela tensions amid the ongoing q3
01:04earnings updates sensex now falls 400 points near 85 000 the nifty drops about 80 odd points
01:10now trades below 26 200 with oil and gas and htfc bank under pressure while psu banks and pharma
01:16steve selected by tata group stocks under pressure as trend shares slide up to eight percent after
01:25its q3 business update showed 17 percent revenue growth but slower momentum tata motors passenger
01:30vehicles also slips two percent as jlr q3 volumes declined sharply while tcs balances out rising one
01:36percent part of december auto sales show mixed trends overall retail grows by about year on year
01:45but slips month on month the two wheelers dip but commercial vehicles gain intrigue we've also seen
01:51passenger vehicles rise dealer sentiments remain positive heading into 2026
01:55nvidia steals the spotlight as ces 2026 the most powerful tech event in the world as ceo jinseng wang
02:07also unveils the powerful new vera rubin ai chip to meet soaring computing demand the tech show
02:13also sees a push towards robots and auto taxis while intel and amd step up the chip race
02:20straight away looking at how the markets are trading at this point in time you do see the nifty
02:34trading at 26 179 at this point in time but there's breaking news coming up on your screens
02:39viewers this is as far as the steel companies are concerned indian steel companies are found guilty
02:45the steel majors have breached the antitrust law the cci probe into tata steel jsw steel sale that's
02:52the steel authority of andia companies have colluded in setting steel prices also hefty fines are likely on
02:59these companies as per top officials who have told business today television as well so that's breaking news
03:05really coming in on your screens viewers with respect to the steel companies metal stocks are also now
03:11seeing some pressure from the morning trade you do see the index still trading about two tenths percent
03:17higher remember all up till january we had been looking at how the metal prices and the metal stocks
03:23had been pulling up the markets higher but this is fresh news and this is disturbing when it comes to
03:29some of the top steel companies in india let's also welcome our guest neeraj divan is now joining in
03:34on the program to give us his uh understanding of what's really happening on the indian steel
03:39space the indian steel companies are found guilty we are hearing neeraj this is as far as the steel
03:45majors are concerned as they seem to have breached the antitrust law this is with regards to the cci
03:51probe into tata steel jsw steel steel authority of india and uh you know this has been an ongoing case
03:58since 2021 uh what has been found out as per cci probe is that the companies have colluded in setting
04:03the steel prices and there is some kind of an anticipation there could be some hefty fine
04:09which is likely on these top companies as well how are you looking at the impact on the steel companies
04:14yeah good afternoon yeah definitely there will be a short-term negative impact on the companies
04:21because you know if this kind of order has come this kind of outcome has come which is not really good
04:28and you know maybe one thing will be good that you know for future for the consumers of steel whether
04:35it's the real estate sector or the construction infrastructure sector it'd be good for them at
04:40least now and future these sort of measures will not be taken and they will not be you know
04:47sort of you know deciding the price colluding in deciding the price so it'll be good for the
04:53consumer the short-term negative impact will be there but then you know steel is a global commodity
04:59so you know in the medium term again the prices will be impacted by what happened globally what
05:05happened in china what happened in u.n so then again it'll be back to the macros but in the short
05:11term definitely this is a negative okay i also wanted to ask you neeraj when it comes to the metal
05:18companies they had been soaring up until now in the last couple of months there's been a lot of
05:23attention that's drawn down there of investors especially with the surge in a lot of metal
05:28prices that we've been seeing it started off with the precious metals went on to copper now even
05:33aluminium and we have been seeing all of these stocks really rallying in trade what should
05:38investors now do those who have become heavy on aluminium zinc copper kind of stocks in their
05:46portfolios now see as far as copper is concerned specifically or even silver i think the kind
05:53of demand which is there globally demand is much more than the supply right now and there's huge
05:59supply which is coming for silver copper prices are going up because the tariff measures in u.s and
06:05because of the supply constraint also so i think those prices will remain stable and i think they can even
06:11inch up further the one is invested into silver or some you know talks related to silver or copper i think one
06:20should stay invested for now though you should not jump in now and start investing at such high prices
06:27but for someone who's already holding i'll still recommend them to hold and in case there is a
06:32correction in any of the stocks based on correction in silver or copper in the short term then that
06:39can be an opportunity to enter but at these prices after the stock that we run up i think it is better to stay
06:45invested and not enter in these prices as far as aluminium is concerned i'm not so positive on aluminium
06:50because aluminium supply is still not that limited aluminium supply is still you know aluminium supply is still not
06:57that limited as far as you know silver or copper is concerned so aluminium may be you know
07:03the the stocks may may have run ahead of what the market demand supply scenario is so there one can be a little
07:12cautious and destructive absolutely let's also briefly discuss reliance industries now neeraj this is
07:20when the stock has actually fallen sharply in trade today is among the top losers on the nifty as well
07:26this is despite the company now rejecting a recent report that claimed three vessels carrying russian crude oil
07:32were headed to its jamnagar refinery reliance industries has clarified that it has not received any such
07:37cargoes in the recent weeks and does not expect russian crude deliveries in january as well
07:42in fact adding to the pressure we've seen clsa has now removed reliance industries from its india portfolio
07:48citing underperformance in 2025 and to understand this development better let me first go across to my
07:54colleague aishwarya patel who's joining in to share with us what really has happened there
07:58aishwarya walk us through the controversy that's surrounding the reliance industries report
08:02well you're right it's the top loser on the nifty 50 today down about four and a half percent as of
08:09now as you rightly mentioned the reliance industry this morning did put out a statement saying that
08:16this report is blatantly untrue and they've said that the details are incorrect as far as
08:22russian crude reaching their jamnagar refinery three vessels as the report suggested would be reaching
08:29their jamnagar refinery what they've categorically said is that this is untrue of course and even
08:36in january through january they're not expecting any russian crude coming through this is extremely
08:42important considering the fact that geopolitical turmoil is now in the storm as far as crude oil
08:49is concerned supply chain is concerned price volatility all of that with the donald trump threatening
08:55countries that are importing russian crude so reliance industries of course that clarification
09:01on a geopolitical level and on a national level is also important reliance industries did give out
09:07that clarification this morning stating that no such vessels are expected okay also wanted to ask you
09:15aishwarya with the stock now down by four and a half percent how the brokerage houses are reacting
09:20especially clse's portfolio exit uh what are the details there well as far as clse's report is
09:27concerned what goes out is of course reliance industries and mesley uh what what they bring
09:34back to their pack and their exposure uh they're saying is that uh two other consumption names uh which
09:40is one is demart uh and another one that they will be focusing on increasing their exposure essentially
09:47what they're saying is uh geopolitically the markets have been down a lot of turbulence and volatility
09:52but india would be a safe haven a safe net in 2026 as compared to other markets in the world even
10:00though the growth might be slow in 2026 so that's right aishwarya thanks a lot for uh sharing all those
10:07details now nidesh let me come to you um reliance industries how do you see this dip is it just a knee
10:13jok there uh would you be tempted to buy this dip into reliance industries clsa on the one hand is
10:19talking about the underperformance in 2025 of reliance industries uh they have pulled out from uh reliance
10:25industries when it comes to their india portfolio in fact 2026 was already being seen as a year when
10:31reliance industries could have a lot of opportunities by way of launching the geo ipo uh but seems like at
10:36this point in time the confidence is still not there how are you looking at the largest listed stock
10:41market uh stock real you know according to my understanding today's reaction is just a knee-jerk
10:47reaction i think fundamentally nothing has changed for reliance in the last couple of days so i feel
10:55that this should be an opportunity like you rightly mentioned there is a possibility of geo listing this
11:01year plus there is the retail segment which has been doing well for reliance for the last two three
11:06quarter and with the recent gst cuts some demand pickup has been seen there so that should continue
11:12doing well so i feel that and plus their you know investment in hydrogen and green energy is also you
11:19know uh go to get results in the next couple of years so i will feel that this is an opportunity so
11:25one we should you know be accumulating only reliance if one is a medium to long-term investor
11:32right uh you know we'll also focus a bit on the ipo space as well viewers because that's another
11:40um you know space that a lot of investors keep an attention to uh we have coal india's um bharat
11:46coking coal which is all set for its ipo debut on d street this week opening on january 9 and this
11:52will also be the first ipo of 2026 the price band is just 21 rupees to 23 rupees per share
11:58for a 1071 crore rupees issue and my colleague astar chupra spoke to the management of bccl on the
12:05ipo proceeds the growth plans and outlook let's listen into what she had to say
12:08how the proceeds will work and what is the main objective of the ipo how should the investors think
12:18like that actually the bccl is a 50 year old company and it's already a board is there to bring
12:26more corporate governance transparency the objective is to bring at least this company
12:31in the stock exchange the proceeds will be utilized for the diversification program of the coal india
12:37limited okay so can you explain us more like what percentage will go into the capex or maybe the
12:42debt reduction or how it will go across the sectors actually there are the two things bccl projected
12:50profits are more than two thousand crore rupees every year and their capex requirement is around
12:55thousand crore rupees per year for the next five year so after capex they will have a two thousand
13:01crore rupees profit plus four hundred depreciation sufficient money to serve the dividend also to
13:06the shareholder so the company does not require anything from the holding company for the capex
13:12purpose this entire proceeds of this will go to the coal india diversification program okay so
13:19seabri sir coming to you what will be the growth strategies of this company first of all it's a
13:25major sector and one of the booming growth sector for india as well so what are the growth strategy
13:30company going forward first of all you have to know what is bccl bharat cooking coal limited we are the prime
13:37main producer of the cooking coal we are producing 58.5 percent cooking coal of the total india coal production
13:47and presently we are last year we have done 40.5 million tonne of coal and gradually year to year
13:55up to 29 30 our production growth will be up to the 54 million tonne and another factor is our vasari
14:03presently we are having vasari 5 vasari 30 point 13.65 million tonne capacity
14:10and up to 29 30 it will just double around 27 to 28 million tonne and you know the value and
14:19importance of the vasari after washing of the cooking coal it goes to steel and it is raw material for
14:26the steel in that way our coal production will be also in a improving order and vasari also
14:33all right neeraj what do you think of coal india subsidiary uh getting um you know the eyeballs
14:41there of investors there this week uh with an ipo of course this is an offer for sale completely so
14:47it's not the company that's uh earning the money it's the coal india which will be divesting about a
14:5210 percent stake there uh how are you looking at this opportunity for investors who have for
14:57many years held that coal india should be a part of the portfolio for long term because it's a big
15:03dividend play out there of course it's the largest uh you know having almost a monopoly there when it
15:09comes to coal producing and mining and all of those things how would you look at a subsidiary of coal
15:14india now bringing up an opportunity for investors you know i think it's a decent issue if they price it
15:20also well it's not so expensive even on valuation so for investor it you know if you get some allotment
15:28it should not be a bad investment to keep for medium to long term like they also in cooking coke they
15:33are a major player plus it's a government company so the dividend policy that is there for coal india
15:40should also continue for the subsidiary so i feel that for investors it's a decent opportunity
15:46okay and uh from the ipo space in 2026 do you believe there will be a lot of opportunity for
15:52investors are you also looking at uh telling your clients what to watch out for what to keep
15:58some money away for um as well there'll be a lot of startup names yet again making their debut
16:04in on the d street as far as 2026 is concerned how are you advising clients there basically you know
16:11we have been avoiding ips for the last couple of quarters now because they have been coming very
16:17expensive at very high valuations and if there's a good ipo then you don't get a lot of money the
16:22money just comes back so i feel that secondary market which is a broader market in the last one
16:28year one and a half year has not done that well so their stocks have some mid caps small caps have fallen by
16:3430 40 50 percent so there may be better opportunities there you have a track record you have you know the
16:40profitability the past track record of the stocks i think it'd be better to invest the money there
16:45then waiting for the ipos which are anyways coming very expensive okay let's shift focus to the auto
16:51space next viewers uh the auto retail sales are showing a mixed trend in december with a sharp month
16:57on month uh slow down post the festive season that we have seen even as the year-on-year growth remains
17:03quite healthy this is as per the fada report that we have got which has released the december numbers
17:08now and my colleague chetan bhutani is also joining in with all those details there uh well chetan we
17:13were hoping that the gst rationalization and the good news as far as the auto companies are concerned
17:18in terms of the numbers and the sales are concerned might just continue even in the last month what
17:24really happened there well you know it's actually uh i'm speaking to our values i mean the president of
17:29mahindra automobile business he in fact told me that it's a normal phenomena because because december is a
17:34month which is full of festivities especially when we saw that uh you know the september month
17:40had the gst reduction naturally the consequences were that december saw huge sales because ultimately
17:45the vehicles were getting delivered by that time so as for you know sales as for the fada data the
17:50growth actually picked up in the september to december after gst improved affordability we saw cars
17:56at a massive growth about 9.7 percent two-wheelers at seven percent tvs at six percent tractors
18:02at 11 so clearly that means rural activity has picked up gst impact has been followed up the
18:07rural demand is actually leading with 12 percent versus urban demand of eight percent which is a
18:10very good trend evs and cng trend is also picking up uh picking up the trend as well in december we saw
18:16about 20 odd lakh cars being sold with a car growth of in december only at 26 odd percent and cvs at 24
18:22percent inventory of course was down because it was a huge demand pent up and parda the dealers have
18:27also in fact pointed out sakshi that uh the supply strain constraint and lending issues might issue
18:33might create some issues but yes uh major automobile companies are hoping that the december party to
18:39continue till about the march which ends of course the financial year okay hoping for even better january
18:46to march uh space as well as far as the auto sales are concerned need it's coming to you uh how are you
18:51looking at the auto space remember january is also the month when some of the companies have resorted
18:57to their annual price hikes as well so far they were uh joyous on account of the gst rationalization
19:03which started september end and up until december we've seen that number flow in strong in some of the
19:09segments that chetan also highlighted how are you looking at the auto space and the opportunities for
19:14investors i feel that still you know the momentum should continue as you know after the gst country saw
19:21good momentum we saw decent momentum even in commercial vehicle space i think that commercial
19:27vehicle space momentum should continue because second half of the year is very strong for capital
19:31goods and related companies and even in the four-wheeler space i see the momentum continuing you know
19:37the likes of maruti mahindran mindra has a new launch also and they have been able to deliver it in
19:44the last so many quarters now so i feel the momentum will continue in this last quarter also
19:51okay in fact uh we've also seen some more action as far as the auto space is concerned mahindra and
19:57mahindra has now unveiled the all-new xuv 7xo the successor to the xuv 700 with updating styling
20:05advanced caben tech and enhanced safety features as well the new vehicle is now priced in the range of
20:1113.6 lakh rupees to all the way up to 24.9 lakh rupees it will now be competing with the creta
20:16on the price front along with the mg hector hindi car alcazar as well as many others as well let's
20:23listen into what chetan bhutani had to really look at the first stance of the x the 7xo from
20:32mahindra and mahindra and finding out what are the latest features there let's go across to chetan again
20:36well the xuv 7xo is finally here into the new market launched at a very competitive pricing of
20:4313.66 lakhs for a petrol a manual and 14.96 lakh for a diesel manual however uh the car has been
20:50taken from various you know pre-looks of his predecessor the xcv 700 in particular especially
20:54the c-shaped uh headlamps out here has been you know very highly taken from the predecessor again
21:01from here as well the grill of course goes with the xcv9e and the xcv9s similarly the grill below
21:07and the bumpers have been uh you know but what you know what really stands out in this vehicle is of
21:13course the stance which you know it's standing at the xcv7o was a little more on a linear side of
21:19aggressive stance however this i feel is on a more aggressive stand and gives you a more commanding
21:24position but the good part about it would be the interiors let me tell you how the styling elements
21:29from the latest born evs have been adopted you get a nice good detailing of about the connected
21:35coast to coast you know screens you get and mind you this is from the all the features and the all
21:40the base variants as well till the top variant every car gets this particular screen right there
21:44nice touch buttons out there nice beige and dual tone colors given out there no use of
21:49cheap plastics gone very good move by mahindra however again we have this touch buttons out
21:54and no not much use of physical buttons that of course we'll come down to later you have this nice
21:58glass holding and you have this nice storage space area that that you can use now coming to the boot
22:05i just folded the seats uh i can pull it back if you want uh there you go that you can you can show
22:11inside uh visek of what really the car looks in the cabin
22:22so yeah a panoramic sunroof uh you know a manual tailgate no connected uh drls for the rear lamps is
22:29of course one of the key uh flaws that the car should have i would have been much happier if you
22:33would have got a a connected tail lamp but yes uh 16 speaker dolby at most probably first in the
22:39segment and this car is going to of course compete with the mg hector the hyundai alcazar and various
22:44cars but now is this car is also going to compete with the uh the hyundai creta because it starts at
22:4913.66 lakhs definitely crossing paths with the creta
22:53all right neeraj what do you make of m&m's uh xuv 7x oh are you also excited about this one have you
23:02been looking at that and what kind of opportunities do you think uh m&m as a stock would present because
23:06it's now stepping on the gas when it comes to newer models uh refreshed facelifts that we are seeing and
23:12of course on the ev space as well we've seen lately whatever models m&m has come out with or whatever new
23:19launches they've been very successful and cars have been sold out very fast the bookings have been
23:25very strong so i feel that similar response should come for this also i think let's look at the number
23:30let the numbers come to get a fairer view of what is the response to this car but looking at the price
23:36point and the kind of futures and luxury they are providing in this price point i think it should be
23:42very aggressive and the numbers can be very very interesting to watch absolutely so that's the
23:48space to truly watch out for the auto space definitely is going to be in the thick of
23:53action neeraj anything else that comes to your mind in the run-up to the budget we're just about 25 days
23:58away uh what do you think should be on top of the mind as far as investors are concerned are you
24:03tracking any themes to be betting big on ahead of the budget too i think there's been some sectors
24:09which have taken a back seat in the last six eight months or one almost a year you know things like
24:16railways infrastructure road water projects so i think you've seen this stock correcting and not
24:22delivering because of some you know slow down in the order flow slow down in payments so one needs to
24:29see what kind of budget budget allocations come their way because these are important sectors which
24:34will need good budget allocation and the continuity of what has been earlier promised so i think you can
24:40look at opportunities here and see if the budget is able to deliver on the expectation that are there for
24:45the sector fair point just a minute to go before the market start shop for the day so let's quickly
24:50look at winding down um you know today's trading action look at the nifty it's at 26 175 right now
24:58there's an almost 74 points of a dip that you see so we've seen a lot of choppiness throughout the
25:04course of the day you have actually seen the market slip to the low point as well on the nifty bank when
25:09you see there's a point one percent of an uptick remaining so we pulled up from the day's low point
25:14for sure but managed to just end with about one tenths percent higher 60 116 on the nifty bank there
25:22but it's the broader markets that still feel some pain two tenths percent of a loss for the mid cap
25:27hundred index as well on your screens so choppiness continues even though the broader markets look at even
25:33when we talk about the other sectors remember we've been talking about how some of the sectors have been
25:38feeling the brunt today especially when we talk about the it space that's been under the brunt but
25:44metals have been rallying you can see even the pharma space up and about the real estate space
25:49that have been garnering some space the it space is in fact moved up about 0.3.4 percent odd
25:54in the trading action today let's look at the top laggards as far as the sectors are also concerned and
25:59let's see where the pain and the pressure point was felt in today's trading session when it comes to
26:04the sectors it's a mixed trend that we've been looking at some of the sector losers are also
26:09coming up on your screens you have trend that has actually been the top laggard today eight
26:13and a half percent of a loss for that one reliance industries followed itc htfc bank power grid these
26:18are all the names that dragged anywhere between one to about two odd percent in trade let's look at
26:23the winners on the other hand as far as the nifty gainers are concerned apollo hospitals three and a
26:28a half percent higher remember that pharma move has pulled up the hospital stocks higher icsa bank
26:33tata consumer products about two and a half to three odd percent kind of a move on all of these
26:37top three winners as far as the nifty is concerned today let's also look at some of the other big
26:41moves that we saw tata consumer products hul and you also saw sun pharma pulling up in trade anywhere
26:47between one to two and a half percent or so i think the fmcg space the pharma space that pulled up
26:53it space pulled up remember it's a space when we are looking at a lot of geopolitical tensions
26:58and the investors are getting attracted to the defensive sectors and all these three sectors
27:02which are the defensives have been garnering a lot of investor traction there so that's the markets
27:07for you 26 178 we have slipped by about 71.6 odd points on the nifty today time to now take your
27:15queries now viewers let's take the first question from all our viewers a list of questions that we
27:20received today for neeraj neeraj the first question is from goa for you this is sam who's asking you can
27:26you please suggest some safe sectors to invest in in a volatile market well that's a good question in
27:30fact you know when we look at the new year the starting of the new year is with the world again
27:35looking at geopolitics taking center stage and of course the volatility that comes along with it
27:40which are the sectors that one should be really parking their money with
27:45it is one sector where you know you the stocks are also not so expensive we've seen some correction
27:51lately all these fmcg name so i think if so one needs to be really safe i think come uh invest fmc
27:58and invest fmcg that should be the sector to invest for you and it can be another sector within it
28:05i think should be accumulated only in depth so these are two sectors i would recommend for
28:10safe investors and if someone is ready to go for the growth with some safety then pharma is another
28:16sector with the cdmo cmo spaces one space which is doing well and which is really catching a lot of
28:23traction so that space can also be looked at okay next we have a question from aditi from mumbai
28:29who asks you uh neeraj that gold and silver are rallying including the etfs so when is the right
28:35time to invest in these commodities well gold and silver have already performed quite a lot in 2025
28:41they have in fact superseded everybody's imaginations with 180 surge on silver we've also
28:46seen gold prices rallying by about 80 percent now come in another year when we are seeing geopolitics
28:53you know again pushing investors to look for safe haven appeal what would you say
28:58yeah i would say gold and silver the way they've run up there will be volatility now after they've run up
29:04see i'm still positive on that but you know if you invest today and you see some projection after such
29:10an app move you know you may get disappointed you know you may invest and again see some correction
29:15happening so right way to invest it through sip so if you invest in slip in gold silver or a multi
29:22multi-asset fund that would be a better approach to invest as far as gold and silver is concerned
29:28okay we'll take the one last question from our viewers choice of questions that are coming in
29:33krupa from surat asks you with so many ipos now lined up for 2026 what are the key aspects
29:39investors should consider before investing in an ipo even though you did mention neeraj that um you
29:44know it's it's a time that you've been avoiding a lot of ipos with because of the valuation concerns
29:49and the steep valuations at which they have been launching at but for an investor to really pick and
29:54choose which is the right ipo for them what would you really advise there there are multiple factors
30:00of course one of course is the valuation at what they're coming at
30:04so what kind of p multiple what kind of profitability growth that is there what kind of roc the company
30:11has but then you know there's some companies it may not be profitable right now coming out with ipos
30:16but there you need to see the growth the market here they've been able to capture and the kind of you
30:21know future prospect that is there so it's not so simple uh for an investor to purely look at all the
30:29parameters and decide is where to go with the market expert and then look who's ipo you want to
30:34invest in but then the one has to be very very picky now because last couple of you know quarter we've
30:40seen the ipos which are coming up very expensive and you don't get that kind of return as far as
30:45ipos are concerned and you know most of the time if it's a good ipo the money just comes back so
30:51you're not getting any return in the as far as your investment is concerned all right neerash thanks
30:57a lot for being with us on the program and helping all our viewers solve their queries as well good to
31:02have you with us on india today and with that viewers it's a wrap on the business today show in
31:07case you do have any questions about your investments in mutual funds sips stocks or gold related queries
31:12then please do send them to us on the number that's flashing on your screens and don't forget
31:16to tune in tomorrow morning at 9 a.m for all the opening action of the markets with ababa kaya
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