Five metal stocks to keep an eye on today!

Five metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: 2022-03-11T10:43:48+05:30

On Friday morning, the headline indices Nifty 50 and Sensex opened in the green and were trading marginally higher, amidst the continuing conflict between Russia and Ukraine.

The Sensex was at 55,653.72 up by 189.33 points or 0.34% and the Nifty was at 16,645.70 up by 50.80 points or 0.31%. On the BSE 2181 shares have advanced, 733 shares have declined and 107 shares are unchanged.

BSE Metal index is trading in the green territory at 22,070.35, up by 1.63%. Top gainers of the index include NMDC, JSW Steel, SAIL, Tata Steel, and Vedanta.

The Nifty Metal index was trading at 6,255.20 up by 1.51%. The top gainers were Hindustan MOIL, JSW Steel, NMDC, SAIL, and NALCO.

Stocks to watch out for are – Tata Steel, NMDC, Vedanta, NALCO, and JSW Steel

Steel Authority of India Limited: Inox Air Products, the manufacturer of industrial and medical gases in the country, has announced its largest greenfield project at Steel Authority of India Ltd's (Sail) Bokaro plant with an investment of Rs 750 crore. This is the company's second cryogenic air separation unit at the Bokaro plant in Jharkhand and is also the largest investment in a new oxygen plant. The new unit will generate 2,150 tons per day (TPD) of industrial gases, including 2,000 TPD of gaseous Oxygen, 150 TPD of liquid oxygen, 1,200 TPD of gaseous nitrogen, and 100 TPD of argon. With the commissioning of this project, the company's combined production capacity at the Bokaro plant will be over 6,300 TPD for all gases.

Tata Steel Limited: Tata Steel has been selected as a member of worldsteel New Sustainability Charter for its initiatives and commitment towards sustainable development and the circular economy. The World Steel Association (worldsteel) released its revised and expanded Sustainability Charter on March 3, 2022. The new Charter reflects the steel industry’s increasing focus and action-oriented approach on sustainability and its responsibility to generate positive impacts on people, our planet, and the prosperity of society. The new Sustainability Charter is organised into 9 principles with 20 associated criteria, which cover environmental, social, governance and economic aspects of sustainability. The leaders of 39 worldsteel members, including Tata Steel, have provided evidence that they are aligned with these criteria, have signed the Charter, and are therefore recognised as Charter Members for 3 years.

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