Nifty Metal stocks advance despite volatile markets; Adani Enterprises surges 7%, APL Apollo Tubes up 3% ahead of earnings

Welspun Corp gained 2% while Hindalco was also 1% higher ahead of quarterly earnings. MOIL dragged the most.

Aug 06, 2021 01:08 IST India Infoline News Service

Nifty Metal stocks were in the fast lane on Friday despite overall volatile trade. The Index gained with Adani Enterprises Limited surging 7%. APL Apollo Tubes also advanced 3% ahead of the quarterly earnings announcement on Friday. Welspun Corp gained 2% while Hindalco was also 1% higher ahead of quarterly earnings.

MOIL dragged the most in the metal index.

Metal stocks have rallied after easing in restrictions due to the slowdown of the Covid-19 wave last month on the back of a surge in prices and demand recovery. Heavyweights like Tata Steel and Hindalco have been the main beneficiaries.

The Indices were lower on Friday after the RBI kept the monetary policy rate unchanged at 4% and continued with the ‘accommodative’ policy stance.

At around 1.15 pm, BSE Sensex was trading at 54,347.07 down 145.77 points or 0.27% and Nifty50 was trading at 16,261.90 down 32.70 points or 0.2%. Nifty Metal was trading at 5,875.55 up 41.15 points or 0.71% touching a high of 5,905.30 and low of 5,810.80 during intraday trade on Friday.
Adani Enterprises was near day’s high of Rs1,538.95, trading at Rs1,532.55 per piece, up 7%. Earlier this week, the Adani group firm reported a consolidated profit of Rs265.60cr for the quarter ended on June 30, 2021 on the back of higher revenue from operations. The company had posted a consolidated loss of Rs65.67cr in the year-ago period.

APL Apollo Tubes advanced 2.97% at Rs1,759.05 per piece. The company is set to announce quarterly earnings on Friday. Welspun Corp Limited ws 1.8% higher at Rs135.75 per piece. 

Hindalco Industries strecthed the winning streak by advancing 0.7% at Rs446.20 per piece, ahead of annoucing its quarterly earnings. Hindalco Industries, US-based subsidiary, Novelis Inc, has reported net income attributable to its common shareholder of $240 million in the first quarter of the fiscal year 2022 compared to a net loss of $79 million in the prior-year period.

Ratnamani and Vedanta were also trading higher. Coal India, JSW Steel and NMDC were flat. 

State-owned MOIL shed 1.5% at Rs182.45 per piece to emerge the biggest loser in the sector. National Aluminium and Jindal Steel also traded around 0.4% lower. Tata Steel, Hindustan Zinc and SAIL were around 0.3% lower. 

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