Three metal stocks to keep an eye on today

Three metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: 2022-04-22T14:29:43+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex fell sharply amidst weaker global cues, and the hawkish stance taken by the FED Chairman about curbing the inflation.

The Sensex was at 57,437.43 down by 474.25 points or 0.82% and the Nifty was at 17,237.25, down by 155.35 points or 0.89%.

On the BSE 1,669 shares have advanced, 1,514 shares have declined and 125 shares are unchanged.

BSE Metal index is trading in the red territory at 22,547.45 down by 1.07%. Top gainers of the index were only Hindustan Zinc and APL Apollo Tubes, whereas Hindalco Industries, Vedanta, and Tata Steel.

The Nifty Metal index was trading at 6,656.6 up by 0.58%. The top gainers of the Nifty Metal pack are Ratnamani Metal, Hindustan Zinc, Adani Enterprises, Welspun Corporation, and APL Apollo Tubes. The top losers were Hindalco Industries and NALCO.

Analysts are now watching the Q4 earnings of the metal companies, with the power and energy stocks surging in price owing to production and supply issues as the demand grows by the day due to the ongoing summer season in the country.

Top metal stocks to watch out for are Hindustan Zinc, Coal India, Tata Steel, Ratnamani Metal, and Welspun Corporation.

Coal Limited: The government plans to move forward with a proposal to merge Coal India's CMPDI and Mineral Exploration and Consultancy Ltd (MECL), and would issue a cabinet note on the matter. Coal India Ltd's Central Mine Planning & Design Institute Ltd (CMPDI) is the company's planning and design department (CIL). In a letter to the CEOs of MECL and CMPDI, the mines ministry requested information on the firms' profitability, turnover, current order books, and existing manpower positions in preparation for the merger. The shares of Coal India have rallied up to 10% in the past week. The scrip of the CIL was down by 0.41%, at Rs 206, on the BSE.

Tata Steel Limited: Shares of Tata Steel fell up to 1% after the company said that it will no longer do business with Russia, and its locations in India, the United Kingdom, and the Netherlands have secured alternate raw material supplies to ensure business continuity. Because of the developing crisis between Russia and Ukraine, this is the first time an Indian business group has taken such a strong stance against doing business with Russia. The shares of Tata Steel were down by 0.71% on the BSE.

Welspun Corporation Limited: Welspun group company Welspun Corp has placed a bid to acquire Sintex Prefab and Infra Ltd, as part of the Sintex group firm’s ongoing bankruptcy resolution process in the National Company Law Tribunal (NCLT). Sintex Prefab, a subsidiary of Sintex Plastics, was taken to the NCLT under the insolvency and bankruptcy (IBC) code last year by the Bank of Baroda. The scrip of the company was up by 0.53% on the BSE.

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