Three metal stocks to keep an eye on today!
On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were seen recovering losses from the last trading session.
The Sensex was at 53,545.57, up by 615.26 points or 1.16% and the Nifty was at 16,006.35, up by 198.35 points or 1.25%.
On the BSE 2508 shares have advanced, 647 shares have declined and 123 shares are unchanged.
BSE Metal index is trading in the green territory, after 4 days, at 18,563.64, up by 0.89%. The top gainers of the index today were APL Apollo Tubes, Jindal Steel, Coal India, NMDC, and Hindustan Zinc whereas Vedanta and Hindalco Industries were among the top losers.
The Nifty Metal index was trading at 5473.55 up by 0.88%. The top gainers of the Nifty Metal pack were Welspun Corporation, Ratnamani Metals, APL Apollo Tubes, Jindal Steel, and Coal India. The top losers were Vedanta, Hindalco Industries, and MOIL.
Following are the three metals stocks to keep an eye on today:
Tata Steel Limited: Tinplate Company India Limited, a subsidiary of Tata Steel has taken up a massive expansion program. After completing a 3-year project this year, the capacity of TCIL located in Jamshedpur will go up to 6,79,000 tonnes from the present level of 3,79,000 tonnes. This expansion comes on the back of the strong demand from the food processing and beverages industry, for its packaging material. TCIL has a market share of 39% and is a domestic leader in this business. The new line is expected to be completed by 2024-25 and TCIL has set a target of 1 million tinplate capacity by 2030 as of now. The shares of Tata Steel were up by 1.15% at Rs 1131 on the BSE.
JSW Steel Limited: The company has put up its acquired business in 2018 for sale citing increasing raw materials costs and geopolitical issues as reasons for the same. The company had acquired the entire stake in 3 Italian businesses- Aferpi SpA and Piombino Logistics SpA and 69.27% in GSI Lucchini SpA for $64.7 million as a part of its overseas expansion plans. The businesses were bought on a cash and debt-free basis from Cevitaly Sri, a wholly-owned unit of Algeria’s Cevital SpA. The scrip of JSW Steel was up by 0.58% on the BSE.
Vedanta Limited: Vedanta’s Chairman Anil Agarwal recently has announced that the company is has chalked out an aggressive growth plan in the coming few years The company plans to invest $20 billion in the next 4-5 years, with $4 billion in Oil & Gas space, $ 2-3 billion for Technology, for its display and semi-conductor plant and another $2 million each in Aluminium and Zinc business. Apart from that Vedanta is looking out to acquire other businesses that will match its synergies and be more profitable in the future. This investment is bound to take the company’s valuation to around $70-80 billion in the coming years. The shares of Vedanta were at Rs 301.30, lower by 1.65%, on the BSE.
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