3 metal stocks to keep an eye on October 7

3 metal stocks to keep an eye on October 7

Indian Market
by 5paisa Research Team Last Updated: 2022-10-07T12:33:16+05:30

On Friday morning, the headline indices Nifty 50 and Sensex are trading marginally lower as Asia Pacific markets have fallen in anticipation of US jobs data for September. 

The Sensex is trading at 58,020.42, down by 201.68 points or 0.35% and the Nifty was at 17,267.55, down by 64.25 points or 0.37%. 

BSE Metal index is also trading lower by 216.53 points or 1.13%, at 18,961.55 whereas the Nifty Metal index is at 5,889.05 down by 1.14%. 

Following are the three metals stocks to keep an eye on October 7: 

Tata Steel Limited: The largest steel manufacturer in India reported selling a 19% share in Al Rimal Mining LLC, an Omani company (Al Rimal). The company's ownership of Al Rimal has decreased from 70% to 51% as a result of this transaction. The shares of Tata Steel are trading lower by 1.30% on the BSE today.

NMDC Limited: Production of iron ore by NMDC decreased by 1.5% to 2.73 million tonnes (MT) in September 2022 from 2.69 MT in September 2021. Sales of iron ore in September 2022 totalled 2.91 MT, an increase of 6.59% over the 2.73 MT sold in September 2021. Iron ore sales decreased by 2.83% in September 2022 over August 2022 while output climbed by 10.08% sequentially at the PSU minor. The shares of NMDC were down by 0.34% on the BSE today.

Hindustan Zinc Limited: Hindustan Zinc Limited, reported on October 4, that for the second quarter, of July to September, metal output was up 18% year over year and silver production was up 28%. The company produced the most refined metal in the second quarter at 246 kt, up 18% YoY, and the biggest amount of mined metal ever at 255 kt, up 3% YoY. Lead output was 57 kt, up 21% YoY, saleable silver production was 6.2 Moz, up 28% YoY, and integrated zinc production was at 189 kt. The shares of the company are trading at 0.19%, lower on the BSE on Friday.

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