The metal index edged up on Monday despite credit rating agencies having downgraded most of the major steel companies such as Tata Steel, SAIL and JSW Steel.
Mehraboon Irani, Head, PCG Business, Nirmal Bang Securities, said metal stocks are up because of some short-term trading prospects. For instance, Tata Steel restricted the company from bleeding any further as far as the UK operations are concerned. JSW Steel’s production figures were also encouraging. These news are creating opportunities for trading in the steel stocks.
The S&P BSE Metal index increased 22.04 points (0.29%) to close at 7,511.07 on April 4 from the previous closing of 7,489.03. The highs and lows on April 4 were 7,553.26 and 7480.24 respectively.
Global markets such as CAC, DAX and FTSE and the domestic index, the Sensex, all were trading in the green.
The Sensex increased 130.01 points (0.51%) to close at 25,399.65.
On April 4, most stocks on the S&P BSE Metal closed in the green. The maximum gain was registered by HINDALCO, with the stock increasing 2.83% to close at Rs 89.1. The maximum loss was registered by Coal India, with the stock decreasing 0.83% to close at Rs 285.4.
Movement of S&P BSE Metal over the last one year:
Price movement of stocks on S&P BSE Metal on April 4:
Company Name |
Industry |
Last |
Change |
%Chg |
Mkt Cap |
|
|
Price |
|
|
(Rs cr) |
Coal India |
Mining & Minerals |
285.4 |
-2.4 |
-0.83 |
180269.04 |
Hind Zinc |
Metals - Non Ferrous |
188.25 |
3.4 |
1.84 |
79541.63 |
Hindalco |
Aluminium |
89.1 |
2.45 |
2.83 |
18399.02 |
Jindal Steel |
Steel - Sponge Iron |
63.35 |
-0.15 |
-0.24 |
5795.92 |
JSW Steel |
Steel - Large |
1259.65 |
-3.3 |
-0.26 |
30448.52 |
NALCO |
Aluminium |
39.4 |
0.35 |
0.9 |
10154.32 |
NMDC |
Mining & Minerals |
98.4 |
0.5 |
0.51 |
39012.81 |
SAIL |
Steel - Large |
43.7 |
0.1 |
0.23 |
18050.4 |
Tata Steel |
Steel - Large |
320.2 |
2.5 |
0.79 |
31098.32 |
Vedanta |
Mining & Minerals |
90.6 |
0.4 |
0.44 |
26860.13 |