5 metal stocks to watch out for on September 29

5 metal stocks to watch out for on September 29

Indian Market
by 5paisa Research Team Last Updated: 2022-09-29T12:17:39+05:30

After losing a whooping 6.8% in the last one week, metal stocks are back in action on September 29 as the sectoral index S&P BSE Metal is leading the gainers by 2.1% or 364 points at 17648.91.

 Let us see which stocks this sector investors should keep an eye on.

PSU steel major, Steel Authority of India (SAIL) on September 28 in its AGM said that it has posted the best ever production performance of 18.733 million tonnes of hot metal and 17.37 million tonnes of crude steel during FY 2021-22. The turnover numbers outpaced the previous best of Rs 68452 crore in FY21 by reaching above Rs 1 lakh crore. The increase in turnover coupled with improved operational performance helped the company achieve its highest-ever numbers in terms of profitability. At 11.30 am, the shares of SAIL are quoting Rs 74.75, down by 1.36%.

Hindustan Copper Ltd in AGM divulged its expansion plans to increase mine production capacity to 12.2 million tonnes per annum (MTPA) in phases which will be subsequently enhanced to 20.2 MTPA to boost domestic production of copper metal to reduce dependence on imports by India. The proposed expansion of MCP will augment the ore production capacity from 2.0 to 5.0 MTPA by developing an underground mine below the existing open pit whose life is at its fag end. At 11.00 am shares of Hindustan Copper were quoting Rs 102.60 per share with a gain of 1.94% over its previous close.

Marking an end to its $1.8 billion internationally debt deleveraging exercise, the Australian arm of Jindal Steel and Power repaid the final instalment of debt raised from special situation funds and Indian lenders including Bank of Baroda, Canara Bank, Deutsche Bank, Arkkan Capital and others. The amount repaid is around USD 105 million by the company.

At 11.30 am shares of Jindal Steel and Power were quoting at Rs 419.30 per share with a gain of 4.03% over its previous close

Shares of Hindalco showed recovery in today’s trade after taking a beating of 3.5% in yesterday’s session. The stock had been under selling pressure after its largest US client slashed its own growth outlook amid falling aluminium prices and surging inflation. In the intraday session, the shares of Hindalco logged a high of Rs 376.10 which is a 4.3% gain over its previous close of Rs 360.75.

Shares of Tata Steel showed recovery after the stock took a beating on the back of the merger of 7 metal subsidiaries into the company. During this week the stock has corrected by 8.6%. In the morning session, the shares of Tata Steel were trading at Rs 97.30 a gain of 2.15% over its previous close.

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