The steel sector gained with Finance Minister Arun Jaitley announcing higher investment on infrastructure in Budget 2016-17. Jaitley said the spend on infra would be over Rs 2.21 lakh crore during 2016-17. Additionally, the government's focus on rural-urban (rurban) is also likely to create steel demand.
It is expected that the FM's announcement on infra growth is likely to generate the much-needed demand for the steel industry which is reeling under competition from imports and poor domestic demand.
The S&P BSE Metal index increased 10.22 points (0.15%) to close at 6,749.02 on February 29 from the previous closing of 6,657.41. The highs and lows on February 26 were 6,909.41 and 6,637.58 respectively.
Global markets such as CAC, DAX and FTSE as well as the Indian Sensex all closed in negative zone on Monday from their previous closes.
The Sensex increased 152.30 points (0.66%) to close at 23,002.00.
On February 29, most of the stocks on the S&P BSE Metal closed in the green. The maximum gain was registered by JSW Steel, with the stock increasing 2.52% to close at Rs 1127.75. The maximum loss was registered by Vedanta, which decreased 2.92% to close at Rs 69.7.
Movement of S&P BSE Metal over the last one year:
Price movement of stocks on S&P BSE Metal on Feb 29
Company Name |
Industry |
Last |
Change |
%Chg |
Mkt Cap |
|
|
Price |
|
|
(Rs cr) |
Coal India |
Mining & Minerals |
312.6 |
1.25 |
0.4 |
197449.6 |
Hind Zinc |
Metals - Non Ferrous |
160.7 |
-1.7 |
-1.05 |
67900.88 |
HINDALCO |
Aluminium |
68.05 |
-1.4 |
-2.02 |
14052.23 |
Jindal Steel |
Steel - Sponge Iron |
53.15 |
-0.3 |
-0.56 |
4862.71 |
JSW Steel |
Steel - Large |
1127.75 |
27.7 |
2.52 |
27260.2 |
NALCO |
Aluminium |
32.85 |
-0.4 |
-1.2 |
8466.23 |
NMDC |
Mining & Minerals |
81.5 |
1.55 |
1.94 |
32312.44 |
SAIL |
Steel - Large |
34.9 |
0.2 |
0.58 |
14415.53 |
Tata Steel |
Steel - Large |
247.6 |
-0.8 |
-0.32 |
24047.29 |
Vedanta |
Mining & Minerals |
69.7 |
-2.1 |
-2.92 |
20663.92 |