3 metal stocks to keep an eye on in the next trading session

3 metal stocks to keep an eye on in the next trading session

Indian Market
by 5paisa Research Team Last Updated: 2022-10-21T17:34:47+05:30

The domestic benchmark index witnessed a volatile trading session on October 21 swinging between gains and losses.

At the closing bell on Friday, the barometer index, the S&P BSE Sensex, ended up 104.25 points or 0.18% to 59,307.15, while the Nifty 50 index gained 12.35 points or 0.07% to 17,576.30 levels.

Metal shares witnessed across-the-board selling. BSE Metal index dropped by 165.90 points or 0.89%, at 18,449.09, whereas the Nifty Metal index closed at 5,748.35, lower by 0.92%.

Following are the three metals stocks to keep an eye on October 25:

JSW Steel: The company has declared the second quarter results today. The revenue from operations has stood at Rs 41,778 crore. The operating EBITDA was recorded at Rs 1,752 crore. JSW Steel signed an MoU with SMS Group, Germany for decarbonisation projects.

APL Apollo Tubes: The company has accelerated its ESG transformation journey. In FY22, 38% of APL Apollo's total energy consumption was from renewable energy sources. At two of APL Apollo's plants, over 85% of energy needs were met through renewable energy. Also, the company has introduced environmentally friendly products, such as Chaukhat (Steel door frames) and Tubular Steel products for heavy construction.

Vedanta: The Bharat Aluminium Company Limited (BALCO) is declared as the successful bidder for the Barra Coal Block, located in Raigarh district, Chhattisgarh under Tranche IV of the commercial coal block auction conducted by the Ministry of Coal. The block has an estimated reserves of 900 million tonnes. Once operational, it will provide fuel security, improve power availability, and further strengthen BALCO’s operations and performance.

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