Nifty Metal steady amid volatile trade; MOIL, Hindalco lift performance

APL Apollo Tubes Ltd hit 52-week of Rs1,678.00 per piece on Thursday. SAIL shed over 2% to drag.

Jul 01, 2021 02:07 IST India Infoline News Service

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Nifty Metal stocks were steady amid volatile markets on Thursday after reports stated that extended anti-dumping duty on a certain variety of steel products till December 15 this year with a view to guarding domestic manufacturers from cheap imports from countries, including China, Japan and Korea. MOIL was the top gainer, while heavyweight Hindalco also contributed to the winnings. SAIL shed nearly 2% emerging as top laggards. 
At around 2.18 pm, Nifty Metal was trading at 5,218.90 up 3.10 points or 0.06%, after touching a high of 5,255.40 and low of 5,194.75 during intraday trade.

BSE Sensex was trading at 52,417.72 down 64.99 points or 0.12% and Nifty50 at 15,706.35 down 15.15 points or 0.1%.

Moil Limited surged nearly 2% at Rs195.85 per piece. MOIL revised the prices of different grades of Manganese Ore and other products, effective from today. The prices of all grades of Ferro, SMGR grades (Mn30% & Mn25%), Fines and Chemical grades have been increased by 7.5 % w.e.f 01 July 2021 on the prices prevailing since 01 June 2021.
The basic price of Electrolytic Manganese Di-oxide (EMD) has been continued as prevailing since 01 April 2021. Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold by e-auction as well as through Metal Mandi (M3) of MSTC, in line with the existing policy.

Hindalco also surged over 1.7% at Rs378.50 per piece to lift the performance of the sector. Ratnami also advanced 0ver 0.8%. 
APL Apollo Tubes Ltd hit 52-week of Rs1,678.00 per piece on Thursday and was trading over 0.5% higher at 1,638.00 per piece. APL Apollo has registered a sales volume of 373,124 tons in Q1FY22. The sales equal to 86% of Q4FY21 sales volume, due to the second wave of COVID-19 which had hit the country in April-May 2021.

NMDC, Hindustan Zinc and Vedanta were also higher. 

Steel Authority of India was underpressure at Rs127.95 per piece, down 2%. Jindal Steel, Coal India, Welspun Corp and Nalco were also struggling. Adani Enterprises, JSW Steel and Tata Steel traded flat.

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