OTHER GROUP COMPANIES
market

Nifty Metal rises on broad-based buying; Welspun Corp, Hindalco, APL, NALCO top bulls; Tata Steel under pressure after Q2

The index has touched between an intraday high and low of 5,765.75 and 5,670 respectively.

November 12, 2021 2:40 IST | India Infoline News Service
Metal company stocks traded higher on Friday led by broad-based buying in majority stocks. Corporate earnings season continues to play a major role in swaying markets outlook. Index heavyweight Tata Steel witnessed selling pressure after Q2, while Hindalco gained amid earnings. The performance also comes after OPEC views on commodity markets in its latest oil market report for November 2021.

At around 2.34 pm, Nifty Metal traded at 5,734.25 higher by 53.25 points or 0.94%. The index has touched between an intraday high and low of 5,765.75 and 5,670 respectively.

Welspun Corp was the top gainer soaring more than 6.5% followed by Hindalco surging nearly 3%. APL Apollo advanced over 2%.

Hindalco witnessed a whopping 783% yoy rise in consolidated net profit to Rs3,417cr in Q2FY22. Consolidated revenue increased by 52.6% yoy to Rs47,665cr.

NALCO and Ratnamani zoomed over 1.9% and 1.8% respectively. Hindustan Zinc and Adani Enterprises climbed more than 1% each. JSW Steel and SAIL jumped 0.8% and 0.7%. Coal India traded flat but in green.

On the downside, NMDC, JSPL, Hindustan Copper and Tata Steel were marginally down.

Tata Steel in Q2 recorded an eight-fold rise in consolidated net profit to Rs11,918cr. The Tata Group company seeks to deleverage about Rs12,000cr this fiscal depending on cash flows.

In its Monthly Oil Market Report - November 2021, OPEC said that the base metal price index rose by m-o-m by 4.7% in October, with most components showing monthly average increases supported by declining inventories. Aluminium rose for the ninth consecutive month, up by 3.5% to an average of $2,934.4/mt. also supported by the ongoing energy power rationing measures in China, which restrict output. However, prices receded towards the end of the month as coal prices receded, suggesting an easing of the ongoing energy crunch.

As per OPEC, in the group of precious metals, gold prices were stable on average with medium and long term real US interest rates expectations were stable on average during the month. Silver and platinum prices rose by 1.0% and 4.1%, respectively.

OPEC said base metals advanced supported by declining inventories, though, towards the end of the month, the expectation of some reductions of the ongoing energy restrictions in China, which would, in turn, lead to higher output weighed down on prices. Gold prices were relatively stable with little movement in expectations of interest rates during the month. 

OPEN A DEMAT ACCOUNT & Get FREE Benefits worth 10,000

OPEN A DEMAT ACCOUNT & Get
FREE Benefits worth 10,000

STOCK VIEW

PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

FEATURED ARTICLE

BLOGS

Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity