Tata Steel, Vedanta, JSW Steel, Hindustan Zinc: How metal stocks are faring after US metal index rises
Metals stocks such as Tata Steel, JSW Steel, Hindalco, Vedanta, and Hindustan Zinc have been performing well on BSE on Thursday (April 4, 2024) a day after the US metal index jumped by 1.60 per cent. The US index has been performing well for around a week as it has soared by six per cent in the last five days. Vedanta, meanwhile, hit a 52-week high after the metal firm achieved its "highest ever annual volume across key businesses”.
)
Metal Stocks in Focus: Metals stocks such as Tata Steel, JSW Steel, Hindalco, Vedanta Ltd, and Hindustan Zinc gained while SAIL fared poorly on BSE on Thursday (April 4, 2024) a day after the US metal index jumped by 1.60 per cent.
The US index has been performing well for around a week as it has soared by six per cent in the last five days.
The ALCOA stock price was up by 4.3 per cent on Wednesday.
The stock has skyrocketed by 9.3 per cent in last two days and 17.7 per cent in the last five sessions.
Amid the US metal index rising higher, here's how the leading Indian metal stocks are performing on BSE today.
Tata Steel
The stock from the Tata group jumped by 1.44 per cent to the day's high of Rs 165.95 in the morning session on Thursday having closed at Rs 163.60 a day before.
The stock that opened at Rs 165.75 ended trading down by 0.12 per cent, or 0.20, at Rs 163.40.
JSW Steel
The Jindal group stock jumped by 1.17 per cent to the day's high of Rs 878.95 after closing at Rs 868.80.
The stock ended the trading session on Thursday lower by 1.01 per cent, or Rs 8.80 at Rs 860.00.
Vedanta Ltd
Vedanta hit a 52-week high of Rs 312.50, a 4.67 per cent from its previous close of Rs 298.55.
The terrific performance came on the back of Vedanta's "highest ever annual volume across key businesses”.
On Thursday, Vedanta released its production numbers for the fourth quarter and year ended March 31, 2024.
Its alumina production at Lanjigarh refinery was at 1,813 kt, up 1 per cent Year-on-Year (YoY).
It achieves the highest-ever cast metal aluminium production of 2,370 kt at its smelters, up 3 per cent YoY.
The stock ended the day up by 3.92 per cent, or Rs 11.70, at Rs 310.25.
Hindalco
The metal stock jumped by 2.33 per cent in morning deals to rise to the day's high of Rs 590.05 having closed at Rs 576.60 a day ago.
The stock that began its journey at Rs 590.05 on Thursday ended it up 0.22 per cent, or Rs 1.25, at Rs 577.85.
Hindustan Zinc
Hindustan Zinc, a subsidiary of Vedanta Ltd, was seemingly basking in the glory of Vedanta production Q4 results, as its stock jumped by 3.60 per cent to the day's high of Rs 340.00 after closing at Rs 328.20 a day ago.
The stock of the metal firm was 3.38 per cent, or Rs 11.10, at Rs 339.30 on Thursday.
SAIL
After hitting a 52-week high of Rs 153.25 a day ago, Steel Authority of India Limited slipped to the day's low of Rs 143.70, a three per cent decline from the previous close of Rs 148.15.
The stock that began its trading session on Thursday at Rs 149.75 was trading lower by 2.73 per cent, or Rs 4.05 at Rs 144.10.
Anil Singhvi's views on metal sector
Zee Business managing editor Anil Singhvi has picked metal and power as his favourite sectors to invest.
Speaking about the metal sector, he said that there is a tremendous rise in metal prices worldwide.
He opined that metals will remain strong since due to return of China's demand.
Singhvi said that the metal sector will also benefit from slight weakness of the US dollar price also.
The valuation of metal shares is still fine, says Singhvi.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
