3 metal stocks to keep an eye on June 24

3 metal stocks to keep an eye on June 24

by 5paisa Research Team Last Updated: Jun 24, 2022 - 11:50 am 23.8k Views

On Friday morning, the headline indices Nifty 50 and Sensex were trading marginally higher than the last trading session.

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

BSE Metal index is trading in the green territory, at 15,232.03 up by 153.99 points or 1.02%, whereas the Nifty Metal index was trading at 4,569.85, up by 1.04%. The top gainers in the metal sector today are Tata Steel, JSW Steel, APL Apollo tubes, Jindal Steel and Power, and SAIL.

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

Coal India Limited: In a first, the Chhattisgarh-based South Eastern Coalfield Limited (SECL), an undertaking of the state-owned Coal India Limited (CIL), has decided to venture into power production.SECL has signed an MoU with the Madhya Pradesh Power Generation Company Limited (MPPGCL) for setting up a 660-MW unit. The project will be expedited by setting up a joint venture between SECL and the MPPGCL. The coal-fired plant of the state-run MPPGCL will have an installed capacity of 660-MW, which will come near the existing Amarkantak Thermal Power Station at Chachai in the Anuppur district of MP. The shares of CIL were up by 0.25%, on the BSE.

Vedanta Limited:  Electronics manufacturing services company Foxconn chairman Young Liu on Thursday met Vedanta Group's managing director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location. Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company in India. Vedanta will hold 60% of the equity in the JV, while Foxconn will own 40%. The shares of Vedanta were up by 0.80%, on the BSE.

Ratnamani Metals Limited: Tubing solutions firm Ratnamani Metals & Tubes has secured new orders worth Rs 203 crore for the financial year 2022-23, the company stated in a regulatory filing. The orders have to be executed within this fiscal, the company noted, adding that exports will account for Rs 187 crore out of the total new orders received. Ratnamani Metals is, notably, a multi-location and multi-product company providing critical tubing and piping solutions to a diverse range of industries and niche markets. The shares of Ratnamani Metals were at Rs 2470.20 higher by 0.05%, on the NSE.

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