Nifty Metal zooms 3% as Tata Steel extends gain to record highs post Q2 results

Investors performance was swayed after Tata Steel recorded a healthy performance from India business during September 2020 (Q2FY21) quarter.

Nov 17, 2020 09:11 IST India Infoline News Service

Metal stocks were the top performers on benchmarks during Tuesday's trading session after investors turned optimistic towards Tata Steel stock price. The Tata Group company has extended its gains further and is currently trading at fresh record highs.

At around 2.28 pm, Nifty Metal was trading at 2,769.95, up 2,769.95 points or 2.81%. The index has touched the day's high of 2,777.55.

Tata Steel was the top gainer, performing at Rs526.70 up 7.01% on the index. The stock has touched a 52-week high of Rs530.95 per piece. Investors performance was swayed after the company recorded a healthy performance from India business during September 2020 (Q2FY21) quarter.

During Q2FY21, the company's consolidated net profit has declined by 62.69% to Rs1,546.28cr from Rs4,144.71cr a year ago same period. Consolidated revenue from operations increased by 7.44% yoy to Rs37,153cr in the quarter review. Quarterly deliveries at India operations grew 72% Quarter on Quarter and 22% Year on Year.

Investors also remain upbeat on Tata Steel's commitment to exploring future strategy in Netherlands and UK business, and also in deleveraging $1B annually.

Apart from Tata Steel, Welspun Corp and Ratnamani Metals surged by 6% each. A 5% gain each was recorded in Hindustan Copper and JSPL. While NALCO gained by 4%.

NMDC, Midhani, Hindalco and SAIL surged between 2-3%.

A 1% jump each was recorded in Coal India, MOIL and JSW Steel.

However, APL Apollo and Hindustan Zinc were the top underperformers. 

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