3 metal stocks to keep an eye on June 17

3 metal stocks to keep an eye on June 17

by 5paisa Research Team Last Updated: 2022-06-17T11:15:43+05:30

After turmoil witnessed in the global markets, Indian benchmark indices are trading in red with huge volatility.

The Sensex is at 51,371.28 down by 124.51 points or 0.24% and the Nifty is at 15,337.10 down by 23.50 points or 0.15%.

BSE Metal index on the contrary is trading in the green territory, at 16,105.55 up by 209.59 points or 1.32%, whereas the Nifty Metal index is trading at 4,777.90, up by 1.20%. The top gainers of the index today were Welcorp, JSW Steel, Jindal Steel, and Tata Steel.

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

Tata Steel: The company reported a Consolidated Total Income of Rs 69615.70 crore for the quarter ended March 31, up 14.42 % from the previous quarter's Total income of Rs 60842.72 crore and up 38.54% from the same quarter last year's total income of Rs 50249.58 crore. In the most recent quarter, the company achieved a net profit after tax of Rs 9675.77 crore. Tata Steel also declared a Rs 51 per share final dividend. At Rs 922 per share, the stock is trading with a gain of 2.26 %.

JSW Steel: On a standalone basis, JSW Steel crude steel production increased by 31% in May to 17.89 lakh tons, the firm announced on Wednesday. In May of FY21, 13.67 lakh tons of crude steel were produced. In India, JSW Steel has an installed annual crude steel capacity of 18 million tons, with 12.5 million tons per annum (MTPA) of flat products and 5.5 million tons per annum (MTPA) of long products. The stock is currently trading at Rs 335 per share, up 2.51% today.

Jindal Steel: Monthly steel production at Jindal Steel increased by a modest 1% year on year. JSP also reported steel sales of 9.91 lakh tons and production of 13.76 lakh tons in the April-May period. In the first two months of FY23, exports accounted for 18% of total sales. On the BSE early Friday morning, Jindal Steel & Power was trading at Rs 557.05 per share, up 2.16%.


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