Three metal stocks to keep an eye on today!

Three metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: 2022-05-20T11:36:12+05:30

On Friday morning, the headline indices, i.e. Nifty 50 and Sensex were seen recovering losses from the last trading session and were up by 2.30% each.

The Sensex was at 54,019.34 up by 1227.11 points and the Nifty was at 16,186.25 up by 376.85 points. On the BSE 2491 shares have advanced, 575shares have declined and 119 shares are unchanged.

BSE Metal index is trading in the green territory, at 19,085.08 up by 520.97 points or 2.81%. The top gainers of the index were JSW Steel, Vedanta, Jindal Steel and Power, SAIL, and Hindustan Zinc.

The Nifty Metal index was trading at 5,654.50 up by 3.25%. The top gainers of the Nifty Metal pack are Welspun Corporation, JSW Steel, Adani Enterprises, Vedanta, and Jindal Steel.

Top metal stocks to watch out for are Tata Steel, JSW Steel, SAIL, Welspun and Vedanta.

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

APL Apollo Tubes Limited: The company reported a net profit of Rs 111.17 crore in Q4FY22, up by 105.04% from Rs 54.2 crore reported in Q4FY21. The net sales were reported at Rs 2908.57 crore in Q4FY22 as compared to Rs 1787.76 crore in Q4FY21, an increase of 62.69%. The operating profit grew by 76.49% in the fourth quarter of 2022 and was at Rs 176.1 crore compared to Rs 99.83 crore in Q4FY21. The shares of APL Apollo were up by 2.35 % at Rs 924.35 on the BSE.

Steel Authority of India Ltd: It has supplied 4,300 tonnes of special steel for India's indigenous navy warships INS Udaygiri and INS Surat. The entire quantity of steel has been supplied from SAIL's Bokaro, Bhilai and Rourkela Steel Plants. This is in continuation of SAIL's sustained efforts to contribute substantially to India's AatmaNirbhar Bharat mission and to strengthen the country's efforts towards import substitution, the company said in a statement. SAIL has also supplied special quality steel for various defence projects, previously. The scrip of SAIL was at Rs 82.55, up 2.93% on the BSE.

Vedanta Limited: The company recently entered a long-term contract with NHAI to construct greener roads with fly-ash in Odisha. Fly-ash being an industrial by-product generated at thermal power plants, this partnership aims at ensuring gainful utilization of industrial by-products in circular economy avenues such as creating a connected economy through green roads. The shares of Vedanta were at Rs 312.80 higher by 3.13%, on the BSE.

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