Nifty Metal surges 1% despite volatile trade; Jindal Steel, SAIL, Hindalco outperform

JSW Steel was under pressure post Q1 earnings. APL Apollo and MOIL also dragged.

Jul 26, 2021 01:07 IST India Infoline News Service

Bull Market
The Nifty Metal stocks remained in the fast lane despite a volatile trade on Monday. The steel companies have been trading in the green after the Centre last week approved the Production Linked Incentive (PLI) Scheme for specialty steel with a duration of five years starting from 2023-24 to 2027-28.

The Index after a gap-up start made sedate gains in the morning before surging 1% in the afternoon. Jindal Steel & Power led the gains while SAIL and Hindalco also outperformed. JSW Steel was under pressure post Q1 earnings. APL Apollo and MOIL also dragged. 

At around 1.15 PM, BSE Sensex was trading at 52,951.25 down 24.55 points or 0.05% and Nifty50 at 15,849.85 down 6.20 points or 0.04%.

Nifty metal was trading at 5,407.10 up 53.30 points or 1.00%, after touching a high of 5,421.90 during intraday intraday trade.

Jindal Steel surged nearly 3% at Rs409.45 per piece. JSPL announced on Sunday that it will launch Transparent Competitive Bidding Process for JPL Divestment. It has received revised bid from Worldone for Equity Value of Rs7401cr.

SAIL climbed above 2.8% at Rs130.15 per piece to continue winning streak while and Hindalco advanced 2.5% at Rs401.50 per piece. Tata Steel and National Aluminium was around 1.7% down. Welspun Corp, Vedanta and NMDC were under pressure between 1.3% to 1.2%. 
Adani Enterprises, Ratnamani and Coal India were also marginally higher. 

JSW Steel shed 1.2% to emerge the biggest laggard despite strong resullts. JSW Steel Limited on Friday posted highest ever quarterly net profit of Rs5,900cr for June 30 ended 2022, mainly on account of higher income. The company had reported a net loss of Rs582cr for the same period last year. Quarterly revenue from operations were also highest ever in Q1FY22 jumping to Rs28,902cr from Rs11,782cr in Q1FY21. 

APL Apollo (down 1.16%) and MOIL (0.77%) also were trading in the red. Hindustan Zinc was marginally lower as Nifty metal had 11 advances and 4 declines on Monday.

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