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.
Stocks to Watch Today: Bharat Electronics, Data Patterns (India), SAIL and Zomato ahead of Q4 earnings on Monday.
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.
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.
Sunflag Iron and Steel soared 18 per cent to hit a record high of Rs 118.90 on the BSE in Tuesday's intra-day trade, extending previous two-week rally on the back of heavy volumes.
Steel stocks are likely to be in limelight following reports of price hike in April.
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.
The Nifty Metal index can clock a new high, if it manages to cross and sustain above the 6,000-mark.
A strong capital expenditure announced in Union Budget FY23 coupled with renewed focus on the affordable housing segment have led to a sharp jump in share prices of companies associated with infra
Reliance Jio plans its biggest ever rupee bond sale, while Bharti Airtel shelves its plans to de-merge its core telecom business
Gold and steel related stocks are likely to hog the limelight in trades on Tuesday. The former on the account of Dhanteras, while the latter owing to hike in steel prices
Rebound in Chinese steel futures fuels positive sentiment
In the post-pandemic period, JSHL looks forward to increased government procurement as one of the key growth drivers
The management has guided for an increase in Q1FY22 realisations by Rs 6,000-7,000/tonne and spreads to improve by Rs 4,000-4,500/tonne on a sequential basis
Returns for the month slipped into marginal negative territory because of the 2 per cent fall on Friday
Some have temporarily shut down units in the wake of rising Covid cases, but at least three major suppliers to the auto industry said the move was unlikely to impact negotiations
Brokerages bullish on improving cycle and higher prices
The Nifty Metal index is expected to enter the territory of 4,100 after surpassing the resistance of 3,950-mark decisively