Three metal stocks to keep an eye on April 29, 2022

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were trading marginally higher amidst upbeat earnings result week and better global cues.

The Sensex was at 57,701.56 up by 180.50 points or 0.3% and the Nifty was at 17,288.75 up by 44,45 points or 0.26%. On the BSE 1,746 shares have advanced, 1,334 shares have declined and 119 shares are unchanged.

BSE Metal index is trading in the red territory at 21,919.61 up by 0.64%. Top gainers of the index were Tata Steel, Vedanta, APL Apollo Tubes, SAIL, and JSW Steel whereas Coal India, Hindustan Zinc, NMDC, and Hindalco Industries were the top losers.

The Nifty Metal index was trading at 6,656.6 up by 0.58%. The top gainers of the Nifty Metal pack are Tata Steel, Vedanta, APL Apollo Tubes, JSW Steel, SAIL, and MOIL. The top losers were Adani Enterprises, Welspun Corporation, Coal India, Hindustan Zinc, and NALCO.

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Top metal stocks to watch out for are NALCO, Hindustan Zinc, Tata Steel, Jindal Steel and Power, and JSW Steel.

Vedanta Limited: This mining and metals firm, plans to invest Rs 2 billion on capital expenditure (capex) across its operations in FY24, more than doubling its FY23 capex, senior management stated on April 28 conference call. The company's consolidated profit after tax (PAT) fell 5% year on year to Rs 7,261 crore in the fourth quarter of 2022-23, owing to a much larger base in the prior year due to extraordinary events. Before the special item and one-time tax credit, the company's PAT was Rs 7,570 crore, up 48% year on year. The March quarter's consolidated quarterly revenue was Rs 39,342 crore, up 41% year on year. The scrip of the Vedanta was up by 1.37%, at Rs 417.30, on the BSE.

JSW Steel Limited: JSW Steel Limited and Apollo Hospitals became the first major corporations to buy land in Jammu and Kashmir after the scrapping of Article 370 in 2019 to set up their units in the region. While JSW steel limited is all set to come up with its Rs 150 crore project in south Kashmir's Pulwama district, Apollo Hospitals will set up its medicare facility in Jammu district, officials said. According to a senior official, the possession of 70 kanals of land (8.75 acres) has already been handed over to JSW Steel Limited to set up the steel plant. Apollo Hospitals also is setting up a 250-bed super speciality hospital in the Jammu region. The shares of JSW Steel were up by 0.56% on the BSE.

Jindal Steel and Power Limited: Union Steel Minister Ram Chandra Prasad dedicated one of the world's largest 1.4 MTPA capacity rebar mills to the nation at Jindal Steel's 6 MTPA integrated steel complex in Angul, Odisha, according to Jindal Steel & Power. At Jindal Steel, Angul, the Minister also examined the operation of India's first and only coal gasification-based 2 MTPA DRI (Direct Reduced Iron) plant. The Coal Gasification Plant is equipped with Carbon Capture technology and is now catching over 2000 tons of CO2 per day, assisting Jindal Steel in drastically reducing its carbon footprint. The scrip of the company was up by 0.47% on the BSE.

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