/Three metal stocks to keep an eye on today!

Three metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: Apr 08, 2022 - 10:54 am 31.6k Views

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex opened on the lower side amidst weaker global cues, and ahead of the announcement of the bi-monthly policy by RBI today.

The Sensex was at 58,953.94 down by 81.01points or 0.14% and the Nifty was at 17,623.25 down by 16.30 points or 0.69%.

On the BSE 2,142 shares have advanced, 846 shares have declined and 118 shares are unchanged.

BSE Metal index is trading in the green territory at 23,191.66 up by 0.64%. Top gainers of the index include Tata Steel, NMDC, Hindustan Zinc, SAIL, APL Apollo, and JSW Steel.

The Nifty Metal index was trading at 6,656.6 up by 0.58%. The top gainers were of the Nifty Metal pack are Coal India, Ratnamani Metals, SAIL, Hindalco Industries, and JSW Steel.

Analysts are predicting that the steel production of the major steel companies will increase in Q1FY23 since the prices of coking coal have reduced considerably and that the markets are already witnessing a splendid performance posted by these companies in Q4FY22.

Top metal stocks to watch out for are – Hindustan Zinc, MOIL, Vedanta, JSW Steel, and Tata Steel.

MOIL Limited: According to the report by the Ministry of Steel, the State-owned Manganese Ore (India) Limited (MOIL) has reported a 22% growth in its turnover at Rs 1,436 crore for the financial year ended March 31, 2022. The Financial Year (FY) 2021-22 has been one of the best years of performance in the history of MOIL, despite the adverse impact of the second and third waves of COVID-19 affecting its operational activities. MOIL, under the Ministry of Steel, is the country's largest manganese ore mining company. It operates 11 mines, seven located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. The scrip of the company was up 1.04% at Rs 189.35 on the BSE.

Vedanta Limited: Vedanta Limited has reported a rise of 8% in its production of aluminium and zinc and a rise of 18% in the production of iron ore during the quarter ended March 31, 2022, as compared to its output during the same quarter a year ago. The company's cast metal aluminium production was at 5,72,000 tons, up by 8% from 5,31,000 tons in the same quarter of the preceding fiscal January-March period of the financial year 2021-22. Overall aluminium production in FY22 touched a record high of 22,68,000 tons, from 19,69,000 tons, up 15% in FY21, according to the company’s BSE filing. The shares of Vedanta were up by 0.25% on the BSE.

Tata Steel Limited: Tata Steel, the country's largest steelmaker, saw its stock gain 2.2% in early trade Wednesday after the company announced that overall sales increased by 4% to 7.82 million tonnes in January-March from 7.51 million tons a year before. However, the company's consolidated steel output fell 3% year over year to 7.57 MT in the preceding quarter. Tata Steel Europe produced 2.33 MT and sold 2.36 MT in the fourth quarter ended March 2022. In the same period a year ago, it produced 2.66 MT of steel and sold 2.47 MT. The scrip of the Company was up by 1.08% on the  BSE.

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