The company is also executing export orders for an additional volume of around 10,000 tonnes of plates, which is likely to be completed in February
Besides Bharat Heavy Electricals (BHEL), the Indian Railways and two private infrastructure companies had placed bulk orders
According to the technical analyst from Anand Rathi, Hind Petro can surge to Rs 278; while SAIL can advance to Rs 97.
The change in stance comes after almost a year of cautionary view. The Nifty Metal index advanced over 2 per cent while shares of Tata Steel surged nearly 6 per cent
According to analysts at ICICI Securities, the removal of export duty augurs well for domestic steel players over a longer term horizon
During the current financial year (FY23), so far, Rs 24,543.67 crore has been obtained as disinvestment receipts against the target of Rs 65,000 crore
The Nifty Metal index can rally up to 11 per cent following the breakout. Among individual stocks, Tata Steel needs to conquer its 200-DMA to gain strength.