Three metal stocks to keep an eye on today!

Three metal stocks to keep an eye on today!

by 5paisa Research Team Last Updated: Jun 03, 2022, 11:20 AM IST

On Friday morning, the headline indices Nifty 50 and Sensex were trading higher owing to positive global cues from the US markets.

The Sensex was at 56,244.57 up by 427 points or 0.77% and the Nifty was at 16,721.30 up by 93.30 points or 0.56%.

BSE Metal index is trading in the green territory, at 18,278.90 down by 64.43 points or 0.35%, whereas the Nifty Metal index was trading at 5,386.55 down by 0.20%. The top gainers of the index today were Hindalco Industries, NMDC, SAIL, JSW Steel, MOIL, and Ratnamani Metal.

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

Coal India Limited: Coal India, is going to short-term and a medium-term tender next week to import coal for utilities, as shortages raise concerns about renewed power outages. Indian officials are rushing to make more coal available for utilities as shortages in the July-September quarter are expected to be 15% wider than initially estimated due to expectations of higher power demand. The short-term tender will seek delivery of imported coal between July and December, while the medium-term tender will demand supplies between July 2022 to June 2023. The shares of CIL were by 0.76% at Rs 196.65 on the BSE.

Vedanta Limited:  A committee of its directors will meet this week to consider raising up to Rs 4,100 crore via debentures. The company proposes to offer rated, secured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 4,100 crore in one or more tranches and in this regard, is holding a meeting of its duly constituted committee of the Directors Saturday, June 4. The scrip of Vedanta was at Rs 319.55, down by 0.62% on the BSE.

NMDC Limited:  NMDC has reported iron ore production increased by more than 14% to 3.2 million tonnes (MT) in May, while sales at 2.65 MT declined almost 20% from the year-earlier period. On average, the production in the first two months of the fiscal stood at 6.35 MT, an increase of more than 7% from the 5.91 MT in the same period a year earlier. Sales up to May this fiscal at 5.77 MT (6.39 MT) was almost 10% lower. The shares of NMDC were at Rs 128.05, higher by 0.23%, on the BSE.

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