3 metal stocks to keep an eye on August 5
On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were trading higher despite the 50 bps rate hike announced by RBI Governor Shaktikanta Das.
The Sensex was at 55,939.14, up by 223.71 points or 0.38% and the Nifty was at 17,441.80, up by 59.80 points or 0.34%.
BSE Metal index is trading in the green territory, at 18,482.48 up by 71.94 points or 0.39%, whereas the Nifty Metal index is trading at 5,623.20 up by 0.05%.
Following are the three metals stocks to keep an eye on today:
Tata Steel Limited: Tata Steel plans to spend about Rs 1,000 crore to increase Neelanchal Ispat Nigam's capacity to 5 million tonnes per annum from 1.5 million tonnes per annum, even as it makes every effort to restart production.TV Narendran, Managing Director, Tata Steel, said the team has already taken over the plant, which was acquired on July 4 and work to restart production is already in full swing. The shares of the company were up by 0.60% on the BSE.
Hindalco Industries Limited: Hindalco shares rose 5% in early trade on Thursday, following the earnings of Novelis Inc, the aluminium company's wholly owned US affiliate. Novelis, a developer of aluminium solutions, reported a 28% increase in net income year on year to Rs 30.7 crore, as well as a 1% increase in adjusted EBITDA to Rs 56.1 crore. Because of strong average aluminium prices, net sales climbed 32% to Rs 509.9 crore in the first quarter of the fiscal year 2023. The shares of Hindalco were down by 1.11%, on the BSE.
Coal India Limited: CIL informed the Parliament that it had dispatched 152.49 million tonnes (MT) of coal to the power sector from April-June 2022, a year-on-year rise of 19 per cent. At 14.43 MT, Singareni Collieries Company Limited (SCCL) dispatched 4.1% higher coal to the power sector in the first quarter of the current fiscal. As per Central Electricity Authority (CEA), coal stock at power plants has improved from the level of 25.6 MT as of March 31, 2022, to 29.5 MT on July 26, 2022. The Shares of CIL were up by 0.19% on the BSE.
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