The Indian stock market is trading green, while the Sensex is up 178.37 points, or 0.47 percent, at 38,360.45, and the Nifty is up 43.80 points, or 0.39 percent, at 11,314.
Among sectors, the Jindal Steel & Power-led metal index rose more than 2 percent, up 6 percent, while the Steel Authority of India (SAIL) gained 5 percent.
Among other gains, Hindustan Zinc, Hindustan Copper, Nalco, Tata Steel, and JSW Steel gained 2-4 percent. JSPL shares are trading at Rs 215.05 per share on the BSE, hitting a new 52-week high of Rs 215.25. The company’s consolidated crude steel production grew by 13 percent in July 2020 to 7.40 lakh tonnes. 6.56 lakh tonnes in the same month last year.
During the month under review, the company’s consolidated sales also improved to 7.62 lakh tonnes, up 25 percent from 6.11 lakh tonnes in July 2019.
Sail stock rose 1.14 times in volume and stood at 2,089,339 shares, up 18.16 percent. From its five-day average of 1,768,181 shares. In July 2020, the Steel Authority of India reported strong sales growth. By July 2020, total sales were up 50 percent year-on-year to 15.83 lakh tonnes, the company said. The company recorded sales of 10.59 lt steel last month. Year, Steel Authority of India Limited (SAIL) said in a statement.
Tata Steel shares rose by 111 or 2.68 percent to trade at Rs 421.15. It touched an intraday high of Rs 427.50 and an intraday low of Rs 412.50. The Economic Times reports that the company has put forward proposals aimed at raising ఒక 1 billion from the government for UK operations. The proposal also includes Tata Steel writing off a debt equivalent to its UK business.
Hindalco Industries’ share price rose more than 2 percent. Global research firm HSBC has reiterated its stock buying target of Rs 220 per share. With the US re-imposing a 10 percent tariff on primary aluminum imports from Canada, it will help expand the scrap spread, which will benefit Novellis.
Ashish Chaturmohta, technical and derivatives head at Sanctum Wealth Management, said Tata Steel could reach Rs 430-451. The stock has been on an uptrend in the daily chart since May with a minimum price of Rs 262. After consolidating over the past few sessions around the 200-day moving average, the stock has gained fresh momentum.