3 metal stocks to keep an eye on July 15
On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were trading marginally higher amidst higher volatility in the global markets.
The Sensex was at 53,547.32, up by 131.17 points or 0.25% and the Nifty was at 15,983.95, up by 45.30 points or 0.28%.
BSE Metal index is trading in the red territory, at 16,038.28, down by 45.85 points or 0.29%, whereas the Nifty Metal index is trading at 4,867.75 down by 0.05%.
Following are the three metals stocks to keep an eye on today:
Jindal Steel And Power Limited: One of the largest project financing deals in this industry to date saw Jindal Steel & Power's subsidiary, Jindal Steel Odisha, obtaining a loan from the State Bank of India (SBI) for Rs 157.27 billion (USD 1.99 billion). Jindal Steel Odisha received assistance from Gravitas Legal in examining and finalising the financing and security documentation needed between the business and the SBI. Shares of the company were down by 0.98%, on the BSE.
Tata Steel Long Products Limited: For the June quarter, Tata Steel Long Products Limited (TSLP)reported a net loss of Rs 331.09 crore, mostly due to rising expenditures. In the same period last year, the firm earned Rs 331.60 crore in profit. But its overall revenue increased from Rs 1,726.82 crore to Rs 2,154.78 crore in the quarter that ended in June 2021. In comparison to the same time last year, the company's costs increased to Rs 2,489.58 crore from Rs 1,282.59 crore. For consideration of Rs 12,000 crore, Tata Steel recently finalised the acquisition of the one million tonnes per year (MTPA) steel plant NINL in Odisha through its subsidiary, TSLP. The shares of TSLP were down by 3.66%, on the BSE.
Coal India Limited: On Monday, Coal India reported that its capital expenditure increased 64.8% to Rs 3,034 crore in the June quarter of 2022–2023, primarily due to significant investments in land acquisition and the improvement of transportation infrastructure in its coalfields through first-mile connectivity projects. From April through June of the previous fiscal year, Coal India spent Rs 1,841 crore on capital projects. Shares of CIL were down by 0.91%, on the BSE.
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