3 metal stocks to keep an eye on August 12
On August 11, the Sensex closed at 59,332.60, up by 515.31 points or 0.88% and the Nifty was at 17,659.00, up by 124.25 points or 0.71%.
At market close on Thursday, the headline indices, i.e. Nifty 50 and Sensex were closed higher with the rally that happened on the back of positive inflation data released by the US.
BSE Metal index on the other hand ended lower by 29.56 points or 0.16%, at 18,482.48 whereas the Nifty Metal index is close at 5,758.85, lower by 0.01%.
Following are the three metals stocks to keep an eye on August 12:
Steel Authority of India Limited: SAIL reported on August 10, that increasing costs caused its consolidated net profit for the June quarter to drop by 79% to Rs 804.50 crore. Steel Authority of India Limited (SAIL) reported in a regulatory filing that it had generated Rs 3,897.36 crore during the April to June fiscal period of 2021–22. The company's overall revenue increased from Rs 20,754.75 crore to Rs 24,199.51 crore in the most recent quarter. In comparison to a year ago, its expenses increased to Rs 23,295.23 crore from Rs 15,604.07 crore. In a separate statement, the company said that its crude steel output increased to 4.33 million tonnes (MT) from 3.77 MT in the same quarter of the previous fiscal year. Sales for the company decreased from 3.33 MT to 3.15 MT. The shares of the company ended lower by 1.25%, on the BSE.
Hindalco Industries Limited: The company on August 10, reported a 47.7% rise in consolidated profit after tax (PAT) at Rs 4,119 crore for the quarter ended June 30, on the back of strong operational efficiencies. The company had posted a consolidated PAT of Rs 2,787 crore in the year-ago period, Hindalco Industries, the metals flagship of Aditya Birla Group, said in a regulatory filing. The company's revenue from operations in the April-June period increased to Rs 58,018 crore, over Rs 41,358 crore in the year-ago period. The shares of Hindalco were down by 1.45% on the BSE today.
Vedanta Limited: Vedanta's Chairman, Anil Agarwal, declared on Wednesday that the business aimed to generate Rs 10,000 crore in sales by 2030 while continuing to diversify its operations across the whole range of natural resources. The business ended 2021–2022 (FY22) with revenues of Rs 1.31 trillion, or almost Rs 1700 crore, an increase of 51% over the year before. Speaking to shareholders at the 57th annual general meeting of the firm, Agarwal stated that Vedanta had budgeted over Rs 300 crore in capital expenditures over the following two years for growth and vertical integration. Rs 200 crore of this capex would be set aside for the current fiscal year (2022-23). Shares of Vedanta closed 0.10%, lower on the BSE.
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