China decided to shut down all its induction furnaces by the end of June.
With the company's market capitalisation touching Rs 65,263 cr on Monday, Damani's networth now stands at Rs 53,646 crore.
Analysts reckon that the fair value for the stock is 1.3 to 1.4 times the expected FY19 book value.
Margins in the e-auction coal at Rs 1,600 per tonne are 25% higher than raw coal.
Performance was affected by a sharp decline in sales of Taro, its US listed subsidiary , pricing pressure in the US market, and the impact of the new goods and services tax in India.
If the steel prices remain firm and the company is able to ramp up pro duction, it may outperform peers such as JSW Steel and Tata Steel.
Hindalco's stock gained 3.3 per cent on the BSE at the end of the day's session while the benchmark S&P BSE Sensex lost 0.8 per cent.
Several valuation parameters seem to indicate that Indian equities are far from peaking.
Excluding these acquisitions, the estimated organic growth for the quarter was around 1.6 per cent.
The sustained rise of the Nifty has prompted analysts to forecast that the rally may stretch to 10,300 before investors were to entertain thoughts of any correction.
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