3 metal stocks to keep an eye on September 23
On Friday morning, the headline indices, i.e. Nifty 50 and Sensex continued their losing streak as markets globally are reacting to the FED rate hike and depreciating currency.
The Sensex is trading at 58,616.35, down by 503.37 points or 0.82% and the Nifty was at 17,486.10, down by 143.70 points or 0.82%.
BSE Metal index is also trading lower by 49.89 points or 0.26%, at 18,892.88, whereas the Nifty Metal index is at 6,075.40, down by 0.42%.
Following are the three metals stocks to keep an eye on September 23:
Tata Steel Limited: The Tata Group's Board of Directors gave its approval to the merger of all its metal businesses into Tata Steel. According to a BSE filing, the board of the firm met on Thursday and approved the merger of the seven metal companies into Tata Steel. Tata Steel Long Products Limited, The Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited, and S & T Mining Company Limited are the seven businesses that will be amalgamated into Tata Steel. The shares of Tata Steel are trading higher by 1.30% on the BSE today.
NALCO Limited: In the fiscal year 2021–2022, The National Aluminium Company Limited (NALCO) reported its highest-ever sales turnover of Rs 14,181 crore and its highest-ever profit after tax of Rs 2,952 crore. This was made public on Thursday during the Central PSU's 41st Annual General Meeting (AGM) in the capital of Odisha. By operating all 960 of its pots at its smelter plant, the Navaratna PSU announced the highest-ever production of aluminium cast metal—4,60,000 tonnes—resulting in 100% capacity utilisation for the first time ever. In a similar vein, the Damanjodi mines and refinery complex announced the highest-ever bauxite production, recording a benchmark tonnage of 75,11,075 tonnes. The shares of NALCO were down by 0.93%, on the BSE today.
Welspun Corporation Limited: After Welspun Corp. Ltd and its subsidiary Nauyaan Shipyard Pvt Ltd acquired some assets belonging to ABG Shipyard Ltd., the company's shares surged to their highest level in over 14 years. In a filing with the market, the pipe manufacturer said that it had paid Rs 659 crore to secure the assets of ABG Shipyard, which was implementing an insolvency resolution plan. Ships that have only been partially completed and scrap totalling more than 1.5 lakh tonnes are among the assets acquired. Welspun claimed they might be applied to offshore wind, oil, and gas structures, ship repair, green steel, shipbreaking, EV ships, and defence and commercial shipbuilding. The shares of the company are trading 2.22%, lower on the NSE on Friday.
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