3 metal stocks to keep an eye on June 10

3 metal stocks to keep an eye on June 10

by 5paisa Research Team Last Updated: 2022-06-10T11:01:27+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex fell by more than 1% as the global markets dipped hugely.

The Sensex was at 54,675.40 down by 644.88 points or 1.17% and the Nifty was at 16,293.40 down by 9184.70 points or 1.12%.

BSE Metal index is trading in the red territory, at 17,601.80 down by 286.27 points or 1.60%, whereas the Nifty Metal index was trading at 5,185.90, down by 1.75%. The top gainers of the index today were Hindustan Zinc, and APL Apollo Tubes.

Following are the 3 metals stocks to keep an eye on today:

Coal India Limited: In a first-ever, Coal India Limited (CIL) on Wednesday floated an international competitive bidding e-tender, seeking bids for the import of 2.41,6 million tons (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents received from them. It is for the July-September period of the current fiscal year. There is a provision in the tender to accommodate a variety of above or below 30% of the bid quantity. The coal being sought is a 5000 GAR [gross as received) thermal grade coal. The shares of CIL were by 0.23%, on the BSE.

Vedanta Limited:  Vedanta on Wednesday, announced that it has pledged a 5.77 % stake in Hindustan Zinc Ltd for a term loan of Rs 8,000 crore. The announcement comes days after the Cabinet Committee on Economic Affairs (CCEA) approved the government's 29.5% stake sale in Vedanta group firm Hindustan Zinc Ltd (HZL) to secure the term loan facility of Rs 8,000 crore. The shares of Vedanta were down by 0.74%, on the BSE.

NMDC Limited: The state-owned iron ore miner has steeply reduced prices of lump ore and fines, effective from 5 June 2022. The prices of lump ore (65.53, 6-40mm) have been reduced by Rs 1,100 or 20% to Rs 4,400 per ton compared with Rs 5,500 per ton fixed on 25 May 2022. The prices of iron ore fines (64%, -10 mm) have been slashed by Rs 1,100 or 24.94% to Rs 3,310 per ton from Rs 4,410 per ton set on 25 May 2022. The shares of NMDC were at Rs 119.35, lower by 2.13%, on the BSE.

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