3 metal stocks to keep an eye on July 29

3 metal stocks to keep an eye on July 29

Indian Market
by 5paisa Research Team Last Updated: 2022-07-29T12:30:56+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were trading higher as markets globally are seen adjusting to the volatility and rate hikes.

The Sensex was at 57,382.41 up by 524.62 points or 0.92% and the Nifty was at 17,101.95, up by 172.35 points or 1.02%.

BSE Metal index is trading in the red territory, at 18,125.31, up by 237.41 points or 4.22%, whereas the Nifty Metal index is trading at 5,488 up by 3.9%.

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

Tata Steel Limited: Tata Steel shares were the top Sensex gainers today a day after they turned ex-stock split in the ratio of 1:10. The shareholders of Tata Steel received 10 shares for each share they were holding or having the delivery in their account as of June 28. The Tata Group firm had fixed July 29 as the record date to determine the eligibility of shareholders for the split of shares having a face value of Rs 10 each. The shares of the company were up by 7.37%, on the BSE.

Steel Authority of India Limited: SAIL has signed orders for 80,000 tonnes of cleaned Russian coking coal with the first PSU steel manufacturer. The delivery will arrive at "one of the eastern ports" of the nation within the next two weeks. Payments won't be made until the consignment arrives in India. The settlement method has not yet been chosen. Talks are going on for a second cargo as well. The shares of SAIL were up by 0.64%, on the BSE.

Vedanta Limited: Major mining and metals company Vedanta announced a total net profit of Rs 4,421 crore for the quarter ending in June 2022, up 4.66% year over year (YoY). Vedanta's net profit fell 23.7% sequentially from Rs 5,799 crore. The company's consolidated revenue for the first quarter totalled Rs 38,251 crore, up 36.10% YoY, thanks to increasing sales volume across all sectors, rising commodity prices, and successful strategic hedging. The revenue decreased by 3% from Rs 39,342 crore sequentially. Shares of Vedanta were up by 3.93%, on the BSE.

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