Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
The government levied export duty on 11 iron and steel intermediates and key steel products.
At 10:36 am; Nifty Metal index was the top gainer among sectoral indices, up 4.4 per cent, as compared to 1.3 per cent rise in the Nifty50 index.
With the recent fall, the stock has corrected 24 per cent from its 52-week high level of Rs 1,534.60 that it had touched on August 16, 2021.
The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower
The incident has been reported to the relevant authorities and an investigation to assess the cause is underway
In 2007, Tata Steel skyrocketed from Rs 100 to Rs 700 in less than four years; Similarly, since 2020 the stock price grew seven-fold to a high of Rs 1,534.50.
Stocks to Watch Today: Tata Steel has announced a 46.8 per cent jump in Q4 net, and also announced a 10:1 stock split; LIC's Rs 21,000 crore IPO opens today.
Total revenues for the quarter at Rs 69,324 crore were higher by 38.6 per cent compared to Rs 50,028 crore in the year-ago period
Stocks to Watch Today: Tata Steel will stop doing business with Russia, the Indian steel major said on Wednesday
It is the latest global company to cut ties with the country for invading Ukraine.
A stock split is generally undertaken to make the stock more affordable to small retail investors and increase liquidity
The Infosys ADR has declined over 9 per cent in the last two trading session in the US market, while our market was shut for trade, post Q4 results.
On May 3, Tata Steel board will also consider the company's quarterly and annual earnings at the meeting along with a dividend payout
Noel Tata is also the chairman of Tata International Limited, Voltas Limited, Tata Investment Corporation Limited and the vice-chairman of Titan Company.
India's top steelmakers have increased rebar and HRC (Hot Rolled Coil) price by around Rs 1,500-Rs 2,000 a tonne due to rising raw material cost, reports suggest
The Nifty Metal index can gain another 3 per cent as long as the index maintains above 6,300-level on a closing basis.
'Coking coal went up to $650 a tonne and iron ore crossed $150 a tonne. Not just that, all other elements that go into steelmaking have shot up. So have freight rates,' says T V Narendran
The positional trend for the metal Index has been bullish
"Demand and supply dynamics and input cost are the key influencing factors on steel prices," said Chatterjee.