3 metal stocks to keep an eye on July 8

3 metal stocks to keep an eye on July 8

by 5paisa Research Team Last Updated: 2022-07-08T10:53:53+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were trading higher due to the markets extending their gains

The Sensex was hovering around 54,381.79 up by 236.77 points or 0.44% and the Nifty was at 16,185.45 up by 46.60 points or 0.29%.

BSE Metal index also ended in the red territory, at 15,962.31, down by 143.83 points or 0.89%, whereas the Nifty Metal index ended at 4794.55 down by 0.98%.

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

Tata Steel Limited: Tata Steel is aiming to restart the 1 million tons (MT) NINL steel mill in the next three months, as stated by CEO Narendran. Tata Steel on July 4 completed the acquisition of Neelachal Ispat Nigam Limited (NINL) through subsidiary company Tata Steel Long Products(TSLP) for a consideration of Rs 12,000 crore. The Odisha-based plant has been closed for almost two years. Tata Steel's next move will be to take ownership of NINL and work hard along with employees and other stakeholders to realise the full potential of the asset. The shares of the company were down by 1.02%, on the BSE.

JSW Steel Limited: The company’s combined crude steel production for Q1 FY23 was 5.88 million tons, registering a growth of 16% YoY. JSW Steel had recorded crude steel production of 5.07million tonnes in Q1 FY22. The crude steel production was lower sequentially by 2%, due to the preponement of certain scheduled shutdowns during the financial year 2022-23, the steel maker said. JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with a steel-making capacity of 28 MTPA in India & USA, including capacities under joint control & new capacity to be commissioned at Dolvi during this year. The shares of JSW Steel were down by 1%, on the BSE.

Vedanta Limited:  Vedanta on July 7 said it will acquire debt-ridden Athena Chhattisgarh Power Ltd for Rs 564.67 crore. The liquidation process for the company was initiated in March last year. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash. The acquisition will fulfil the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption. Athena Chhattisgarh Power Ltd has a 1,200 MW coal-based power plant located in the Janjgir-Champa district in Chhattisgarh. The shares of Vedanta were down by 1.16%, on the BSE.

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