Three metal stocks to keep an eye on today!

Three metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: 2022-05-06T13:11:48+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were dipped considerably, owing to weak global market cues as the US markets finally factored in the rate hike and its circumstances. The Bank of England also hiked its interest rates by 25 basis points on Thursday.

The Sensex was at 54,673.80, down by 938.43 points or 1.68% and the Nifty was at 16,400.70 down by 281.95 points or 1.69%.

On the BSE 500 shares have advanced, 2,545 shares have declined and 101 shares are unchanged.

BSE Metal index is trading in the red territory at 20,657.32, down by 3.21%. The only gainer of the index today was Coal India, whereas APL Apollo Tubes, SAIL, Jindal Steel and Power, Vedanta, and JSW Steel were among the top losers.

The Nifty Metal index was trading at 6,055.2, down by 2.28%. The top gainer of the Nifty Metal pack is also Coal India Ltd. The top gainer of the Nifty Metal pack is also Coal India Ltd. The top losers were Vedanta, APL Apollo Tubes, SAIL, Welspun Corporation, and Ratnamani Metals.

Top metal stocks to watch out for are - Tata Steel, Vedanta, Coal India, SAIL, Hindalco Industries, and Jindal Steel and Power.

Following are the three metals stocks to keep an eye on today:

Coal India Limited: The company posted a 15.6% growth in its supplies to the power sector in April’22 compared to the same month last year. With the continuously increasing demand for coal along with the extensive generation of electricity, CIL pushed up its supplies to power plants in the country to 49.7 million tons (MTs) in April’22. This is 6.7 MTs more supply compared to April’21 when the power sector’s despatch was 43 MTs. The shares of Coal India were up by 0.08% on the BSE.

Tata Steel Limited: The company announced a stock split of 10:1 and a dividend of Rs 51 per share along with the quarterly results of the quarter that ended on March 31, 2022. The net sales rose by 38.57% and stood at Rs 69323.50 crore, whereas the operating profit stood at Rs 15321.81 crore, compared to Rs 14456.26 crore posted for the same quarter last year. The net profit rose to Rs 9675.77 crore, up by 38%, and stood at Rs 7011.50 crore compared to Q4FY21. The scrip of Tata Steel was down by 1.81% on the BSE.

NMDC Limited: India’s largest iron ore producer NMDC reported 3.15 million tons of production and 3.12 MT sales in April, both an increase of under 1% compared to the year-earlier period’s performance. Iron ore production in April 2022 was 0.6% more than the output in the year earlier, while sales were 0.9% higher. This was the highest production in April in the company’s history. It came in the backdrop of the company producing over 42 MT in 2021-22. The shares of NMDC were at Rs 153.85, lower by 2.04%, on the BSE.

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