3 metal stocks to keep an eye on August 26
On Friday morning, the headline indices Nifty 50 and Sensex are trading with decent gains following global cues.
The Sensex is trading at 59,184.21, up by 409 points or 0.70% and the Nifty was at 17,644.15, up by 121 points or 0.69%. BSE Metal index jumped by 327.36 points or 1.74% at 19,108.79, whereas the Nifty Metal index is at 5,892.75 higher by 1.60%.
Following are the three metals stocks to keep an eye on August 26:
NMDC Limited: The company may receive MCA approval for the NMDC Nagarnar steel plant demerger in the August 25 meeting. Shareholders and lenders have already approved the demerger of the steel plant. DIPAM aims to sell its stake in the Nagarnar steel plant post demerger. The steel plant will be a separate company after the demerger. The shares of NMDC were trading higher by 1.07% on the BSE today.
Hindalco Industries Limited: The business has allocated a total capital investment of around USD 8 billion over the next five years in India and its affiliate Novelis, according to the company’s Chairman Kumar Mangalam Birla. Novelis has identified USD4.5 billion worth of possible investment opportunities. Speaking at the Hindalco AGM Birla said that the business has discovered approximately USD 3 billion in possible investment prospects in India. Birla added that high-growth downstream businesses like EVs, mobility, batteries and consumer durables will get 70% of the company's consolidated cash flows. The shares of Hindalco soared by 2.26% on the BSE today.
Vedanta Limited: Vedanta will go ahead with its proposed USD 2-billion capex plan lined up for various businesses, including aluminium, oil & gas and zinc, for the current fiscal even as the metals and mineral prices considerably dipped as a fall-out of Russia’s Ukraine invasion and demand slowdown in China. International base metal rates have plunged up to 32% between March and July, as mounting concerns over a demand slowdown in Covid-hit China put a lid on the commodity prices that had seen a spike immediately after the Ukraine war in late February. The Shares of Vedanta are trading 2.50%, lower on the BSE.
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