Steel Stocks

In past three months, the stock has zoomed nearly 50 per cent, as compared to 5 per cent decline in the S&P BSE Sensex.

LMEL on March 16, converted and allotted the 0% 60 million OFCD's in to 60 million equity shares, representing 11.89% in the total voting equity share capital of LMEL to Sunflag Iron.

The company said sales of these products for FY2023- 24 will be 10,000 MT approx and further increase with receipt of more approvals in next 2-3 years.

A combined, around 7.5 million equity shares had changed hands and there were pending buy orders for 19 million shares on the NSE and BSE till 10:16 AM

The disappointing performance during the quarter was on the back of a sharp drop in realisations in Europe coupled with a non-cash deferred tax expense on account of British Steel Pension Scheme.

Monnet Power Assets, once operational, will provide an opportunity for the company to improve the heat rate, resulting in lower usage of coal in the power plant, said ICICI Securities in its report.

The board of directors of the company had fixed Friday, January 6, 2023, as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus shares.

The stock has zoomed 146 per cent from its issue price of Rs 153 per share, post its market debut on April 13, 2022.

On Tuesday, SMEL announced their third acquisition of Mittal Corp with a foray into the stainless steel (SS) / wire rod & bar mill business.

CLOSING BELL: IndusInd Bank, Bajaj Finance, M&M, Tech M, HCL Tech, Infosys, TCS, Ultratech Cement, and Bajaj Finserv were the top gainers on the 30-pack index

On December 6, Quant Mutual Fund - Small Cap Fund purchased 2.63 million shares representing 0.52 per cent of the total equity of Jindal Stainless at Rs 182.97 apiece on the NSE.

Analysts perceive the roll-back of export duties on steel as a valuation re-rating event, rather than an earnings upgrade trigger

According to analysts at ICICI Securities, the removal of export duty augurs well for domestic steel players over a longer term horizon

NMDC shareholders will be eligible to get one share of NMDC Steel for every equity share held.

In the past one year, the stock has appreciated by 100 per cent on the back of robust financial performance and strong order book position.

TRF was locked at the 5 per cent upper circuit for the sixth straight trading session after its removal from the Graded Surveillance Measure (GSM) surveillance.

When compared with its issue price of Rs 326 per cent, the stock has gained a massive 80 per cent in less than four months post listing.

The company had fixed Friday, July 29, 2022 as the 'Record Date' for the purpose of determining the eligibility of shareholders for the purpose of sub-division /split from Rs 10 to Re 1.

The sell-off has been triggered by the central government's decision to impose export duty on steel in a bid to thaw domestic prices

Given lower earnings, fair value for steelmakers likely to reduce by 25%