Metal Stocks: The shares of metal companies saw fast profit booking on 14 August today. The Nifty Metal Index broke up to 1.5% during trading. It was also the most fallen sectoral index of today. Along with this, there was a break in the ongoing boom in metal stocks for the last 3 days. Earlier, the shares of metal companies were watching continuously for three days due to strong quarterly results, weakness in US dollar and expectation of interest rate cut from Federal Reserve.
The shares of NMDC Limited saw the highest decline of up to 5 per cent today. During business, its price came to a level of Rs 69. Earlier on Wednesday, the company’s shares saw a gain of 3 per cent due to quarterly results. NMDC reported that its net profit in the June quarter increased to Rs 1,968 crore. Revenue increased by 24.5 percent to Rs 6,739 crore from last year.
Jindal Steel & Power shares fell more than 2 percent to trading at Rs 971 per share. The company released its June quarter results on August 12. Its net profit rose 11.5 per cent to Rs 1,494 crore on an annual basis. However, the revenue fell by 10 per cent on an annual basis and it stood at Rs 12,294.5 crore.
The stocks of Steel Authority of India (SAIL) and Vedanta also declined by more than 2 percent. At the same time, Tata Steel’s shares fell up to 1.8 percent during trading. The shares of Hindustan Zinc and National Aluminum Company (NALCO) declined by about 1.5 percent.
The shares of Hindalco Industries declined by more than 1 percent. Earlier on Wednesday, the company’s shares saw a gain of up to 6 per cent after the quarterly results were announced. The net profit of Hindalco Industries rose by 30% to Rs 4,004 crore on an annual basis in the June quarter, which was Rs 3,074 crore in the same quarter a year ago.
At the same time, the company’s revenue increased 13 percent to Rs 64,232 crore during this period, which was Rs 57,013 crore in the same quarter last year. Shares of Welspon Corp, Hindustan Copper and JSW Steel also declined slightly. However, APL Apollo Tubes, Adani Enterprises and Jindal Stainless Steel saw a slight increase.
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