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.