3 metal stocks to keep an eye on July 22
On Friday morning, the headline indices Nifty 50 and Sensex were trading marginally higher as the Asia Pacific markets were slightly mixed due to rising inflation in Japan.
The Sensex was at 55,939.14, up by 257.19 points or 0.46% and the Nifty was at 16,685.00, up by 79.75 points or 0.48%.
BSE Metal index is trading at 16,838.10, up by 28.36 points or 0.17%, whereas the Nifty Metal index is trading at 5,096.10, up by 0.12%.
Following are the three metals stocks to keep an eye on July 22:
Hindustan Zinc Limited: Due to greater realisation, Hindustan Zinc recorded a 56% year-on-year rise in net profit for the quarter ended June 30, 2022 (Q1) at Rs 3,092 crore. Net profit for the same period a year ago was Rs 1,983 crore. As a result of higher zinc volumes, higher zinc LME prices, a favourable exchange rate, and higher zinc pricing, revenue from operations grew to Rs 9,236 crore in Q1 compared to Rs 6,378 crore in Q1 last year. Lower silver prices partially offset this rise. EBITDA (earnings before interest, taxes, depreciation, and amortisation) increased by 48% to Rs 5,278 crore from Rs 3,558 crore in the previous year. The shares of the company were down by 1.5% on the BSE.
Hindalco Industries Limited: Aequs Pvt Ltd, a manufacturer of aircraft components, and Hindalco Industries Ltd, on July 18 inked a strategic alliance for joint business development in the commercial aerospace sector. According to Aequs' press announcement, the alliance makes use of each party's strengths, market presence, and industry knowledge to develop, produce, and qualify the extrusions needed by commercial aircraft OEMs and other clients. The shares of Hindalco were up by 0.64% on the BSE.
Vedanta Limited: Shares of Vedanta rose sharply this week after the company announced a hefty second interim dividend. Also, the government’s decision to slash additional excise duty imposed on crude oil production gave a boost to the stock. Vedanta informed that the company board has approved a second interim dividend of Rs 19.5 per share. The total payout would amount to Rs 7,250 crore. The previous dividend that it had paid to its investors was Rs 31.5 per share. The shares of Vedanta were up by 0.60% on the BSE.
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