3 metal stocks to keep an eye on July 1
At market close on Thursday, the headline indices, i.e. Nifty 50 and Sensex ended flat after treading positively the whole day.
The Sensex was at 53,018.94, down by 8.03 points or 0.02% and the Nifty was at 15,780.25, down by 18.85 points or 0.12%.
BSE Metal index also ended in the red territory, at 15,552.22 up by 345.94 points or 2.18%, whereas the Nifty Metal index ended at 4,660.90 down by 1.99%.
Following are the three metals stocks to keep an eye on July 1:
Ratnamani Metals and Tubes Limited: Shares of Ratnamani Metals & Tubes surged 15% to hit a record high of Rs 1,920 on the BSE in Thursday's intra-day trade as the stock traded ex-date for 1:2 bonus issue. The board of Ratnamani Metals, on May 18, 2022, had recommended a bonus issue in the ratio of 1:2 i.e. one new bonus equity share for every two existing shares held in the company on the record date - Friday, July 1, 2022. The board has also recommended a dividend of Rs 14 per equity share (i.e. @ 700%) (pre-bonus) to the members, which translates into a dividend of Rs 9.33 per equity share (post-bonus), for the financial year ended on March 31, 2022. The company has fixed August 1, 2022, as the record date to ascertain the entitlement of shareholders to the dividend. The shares of the company ended down by 0.93%, on the BSE.
Hindalco Industries Limited: The Hindalco Industries has recently announced that its board has approved to invest Rs 71.50 lakh in the equity share capital of Cleanwin Energy SIX. The aggregate cost of acquisition is Rs 71,50,000 for acquiring a 26% stake in Cleanwin Energy SIX. The company said that it contributed its initial equity contribution on 30 May 2022. Further, the firm will continue to update the project details at a later stage. Hindalco Industries said that it is exploring avenues for reducing the energy cost and one of the options available is through open access from renewable energy generators in captive mode. The shares of Hindalco were down by 1.64%, on the BSE.
JSW Steel Limited: JSW Steel informed on June 29, said it has earmarked Rs 10,000 crore to reduce carbon emissions through various initiatives. The company also aims to reduce carbon emissions intensity by 42% by 2030, group chairman Sajjan Jindal stated in the annual report. He said that the company has contracted for about 1 GW of renewable energy, of which 225 MW became operational in April 2022, and the balance will come on stream in phases. Shares of JSW Steel were down by %, on the BSE.
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