3 metal stocks to keep an eye on September 16
On Friday morning, the headline indices Nifty 50 and Sensex plunged over 1% each amidst fears of recession and rising bond yields.
The Sensex is trading at 59,320.30, down by 613.21 points or 1.02% and the Nifty was at 17,687.80, down by 183.90 points or 1.03%.
BSE Metal index is trading higher by 240.39 points or 1.23%, at 19,313.46, whereas the Nifty Metal index is at 606.217.50 down by 0.74%.
Following are the three metals stocks to keep an eye on September 16:
Tata Steel Limited: To raise Rs 2,000 crore, Tata Steel announced on September 14 that it would sell non-convertible debentures in a private placement. The steel giant announced that the issue of debt instruments in the form of NCDs had been approved by its committee of directors, which was constituted by the board of directors on September 14. The issue is divided into two series, according to Tata Steel. To generate a total of Rs 500 crore, 5,000 NCDs with a face value of Rs 10,00,000 each would be issued in series one. The first series has an allocation date of September 20, 2022, and a maturity date of September 20, 2027. Shares of Tata Steel were trading lower by 0.2% on the BSE today.
JSW Steel Limited: This week JSW Steel signed a memorandum of understanding (MoU) with the German-based SMS group to investigate various cutting-edge technologies and research and development (R&D) initiatives, to lower carbon emissions in the company's iron and steelmaking activities in India. The business would spend Rs 10,000 crore to cut carbon emissions from the steel industry. The SMS group will offer its technology experts' design, engineering advice, and commissioning for carrying out a variety of projects. Shares of JSW are down by 0.28% on the BSE today.
Vedanta Limited: On Thursday, Vedanta made it clear that the proposed business of manufacturing semiconductors will not be carried out by the listed corporation Vedanta Ltd (listed entity), but rather by Volcan Investments Ltd, Vedanta Ltd's parent company. Vedanta would own 60% of the joint venture company, while Foxconn will own 40%, according to a statement released by the Anil Agarwal-led business after signing an agreement with the Gujarat government for an investment of Rs 1.54 lakh crore in a semiconductor plant. Shares of Vedanta are trading 5.97% lower on the BSE.
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