Tag: metal stocks

Market expert Jigar Mistry of Buoyant Capital is positive on metals, bank stocks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The country’s metals space and bank stocks such as  ICICI Bank, Axis Bank, and IndusInd Bank are looking attractive, says Jigar Mistry, Co-founder of Buoyant Capital.

In an interview with CNBC-TV18, Mistry shared his views on the fundamentals of the market.  “As far as auto sector is concerned, in October, we had two festivals, Dusshera and Diwali. So, I would wait to see how November pans out. I am not really a big fan of either Maruti Suzuki or Ashok Leyland at this time,” he observed.

Metals space is looking interesting and JSPL is one stock that is on our radar, said Mistry. He is also positive on banks like ICICI Bank, Axis Bank, and IndusInd Bank.

Mistry is not looking to buy consumption. “This is one space where stocks are showing stratospheric valuations. It is very difficult to justify them,” he said.

But he is positive on Cyient. “If you read the concall transcripts, they have clearly mentioned the glide path to revenue growth and margins. So, essentially that is something we are buying,” he added.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CNBCTV18 Opening Bell: Sensex, Nifty trade lower on growth worries; metal, auto stocks fall sharply

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian shares traded lower on Thursday ahead of the expiry of August derivatives contract amid a weak set of cues. Trade sentiment remained subdued as concerns over a slowdown in global growth, which escalated after a sharp fall in bond yields in the US and pessimism over a US-China trade deal, dented risk appetite in equities. Closer at home, the sentiment was hit by fears that the government’s measures to address the slowdown may not be enough.

The Sensex slipped 127.58 points, or 0.34 percent, to 37,324 in the initial trade. The Nifty50 dipped 44 points, or 0.40 percent, to trade at 11002. The Nifty MidCap index fell 0.29 percent, while the banking gauge, Nifty Bank was down 0.46 percent.

Metal, auto, central public sector enterprises and infra were the worst-performing sectors, while realty, IT gained.

Among Nifty gainers, Sun Pharma, Eicher Motors, Dr Reddy’s Labs, M&M and Maruti Suzuki gained by up to 4 percent.

Indiabulls Housing Finance, Yes Bank, JSW Steel, NTPC and Tata Motors share dipped by up to 6.7 percent.

Shares of Indiabulls Housing Finance fell over 5 percent as the mortgage stock will be removed from the Nifty50 index next month and will be replaced by Nestle India which surged 3 percent to hit its lifetime high of Rs 12,890.

Meanwhile, the rupee opened lower against the US dollar at 71.91. The rupee declined by 29 paise to close at 71.77 against the US dollar on Wednesday as fears of an impending global recession prompted investors to stick to safe-haven assets like the Japanese Yen.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 923.94 crore on Tuesday, as per provisional data.

In debt markets, the yields on the 10-year government bonds were unchanged at 6.57 percent. Bond yields and prices move in opposite directions.

Also, catch all the latest market updates and developments with CNBCTV18’s live blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Meltdown in metals: 12 out of 15 stocks hit 52-week lows

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Metal stocks were under pressure on Monday, with 12 out of 15 stocks in the Nifty Metal index hitting their respective 52-week lows in trade today.

The Nifty Metal index was among the worst-performing sectoral indices today, down as much as 4 percent in intra-day as compared to a 1.8 percent fall in the Nifty50 index.

The index has declined nearly 29 percent in the last 1 year and 24 percent so far this year. In comparison, the Nifty50 has lost nearly 5 percent in the last one year and 0.5 percent in 2019. In July, Nifty Metal index declined 16 percent against the 6 percent fall in Nifty.

The decline in metal stocks come after the US President Donald Trump declared he would slap 10 percent tariffs on $300 billion in Chinese imports, ending a month-long trade truce. China vowed on Friday to fight back.

The ongoing US-China trade tensions may lead to an increase in commodity prices which in turn will affect the metal space.

Weak quarterly earnings and growing demand worries also dampened investors’ risk appetite for mining stocks.

“On the demand front, existing concerns regarding auto have been exacerbated by the seasonal weakness in construction,” said Edelweiss Securities in a report.

“Ahead, we view challenges to profitability for all companies as raw-material costs remain robust primarily due to high iron-ore cost,” the report added.

On Monday, Jindal Hisar hit its 52-week low of Rs 59.70 per share, down 7.3 percent while JSPL hit its 52-week low of Rs 111.75 per share, down 6.4 percent.

Hindustan Copper fell as much as 4.7 percent to its 52-week low of Rs 30.35 per share and Hindalco lost 5.2 percent to hit year low of Rs 171.60 per share.

Tata Steel declined 4.7 percent to a 52-week low of Rs 389.70, MOIL shed 3.4 percent to a 52-week low of Rs 130 per share, JSW Steel plunged 5.7 percent to a 52-week low of Rs 212.25, and NALCO slipped 3.4 percent to a year low of Rs 42.5.

Vedanta also lost 6.3 percent to hit year low of Rs 134.45, Hind Zinc was down 2.8 percent and Coal India fell 2 percent to hit a 52-week low of Rs 205.7 and Rs 193.1, respectively in intra-day deals.

Analysts continued to prefer structurally efficient companies with low capital and operating cost, with access to cheap raw material and a strong balance sheet.

Motilal Oswal prefers Hindalco and Jindal Hisar in the sector. It also likes JSPL, which should benefit from capacity addition and revival in the power sector. The brokerage maintained weightage in Hindalco and has incrementally added NMDC to its model portfolio.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nifty Metal index slumps 3%; JSPL, SAIL, Tata Steel top losers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Metal stocks declined on Wednesday, with the Nifty Metal index down about 3 percent in the afternoon session.

A consistent global economic slowdown and domestic liquidity crunch, along with a lacklustre demand from both auto and construction companies have weighed on metal prices in recent times.

The automobile industry in India has been experiencing major stagnation for the past four quarters.

“On the demand front, existing concern on auto has been exacerbated by the seasonal weakness in construction. Going ahead, we view challenges on profitability for all companies as the raw material cost stays robust primarily due to high iron ore cost. That said, companies with capacity ramp-up potential such as JSPL are expected to fare relatively better,” Edelweiss said in a note.

The brokerage house has retained its cautious outlook on the sector. It has a ‘Buy’ call on JSPL, ‘Hold’ on JSW Steel and Tata Steel, and ‘Reduce’ on SAIL.

At 12.50 PM, shares of Jindal Steel and Power declined over 7 percent, the state-owned Steel Authority of India (SAIL) fell about 5 percent, JSW Steel was down 6.2 percent while Tata Steel dropped 3.6 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing bell: Sensex, Nifty end higher led by gains in autos, banking stocks; Zee Entertainment surges 7.5%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian benchmark indices ended higher on Thursday, driven by gains in metals, autos, and financials, tracking gains in Asian peers as dovish comments by US Federal Reserve chairman Jerome Powell rekindled rate-cut hopes.

Asian shares rose with MSCI’s broadest index of Asia-Pacific shares outside Japan ticking up 0.8 percent after Powell reinforced prospects of an interest rate cut later this month.

The Sensex ended 266 points higher at 38,823, while the broader Nifty50 index added 84 points to end at 11,583. In broader markets, the Nifty Midcap and Nifty Smallcap index gained 0.7 percent and 0.3 percent, respectively.

Buying was broad-based, with 42 of the 50 stocks in the broader Nifty trading in the green, while only ten stocks in Nifty50 ended in the negative territory.

Zee Entertainment, JSW Steel, Hero MotoCorp, IndusInd Bank, and Tata Motors were top gainers on the Nifty50, while Tech Mahindra, ICICI Bank, UPL, Titan, and TCS led the losses.

All sectoral indices ended the day in the green. The Nifty Media rose the most, up nearly 4 percent. Meanwhile, the Nifty Metal added 1.8 percent and the Nifty Auto advanced 1.7 percent. Nifty PSU Bank gained 1.6 percent and Nifty Pharma was up 1.2 percent. The Nifty Financial Services, the Nifty Bank and the Nifty Private Bank indices were also positive for the day.

Nifty Media index surged nearly 4 percent led by gains in Zee, which rose 7.5 percent on hopes of the stake sale. Dish TV was also up 17 percent.

The metal index climbed 1.8 percent as the dollar eased on Powell’s comments. JSW Steel, Hindalco, Vedanta, Hind Zinc, and JSPL were up in the range of 1.8-5 percent.

IndiGo-parent InterGlobe Aviation fell for the second straight day, down 3 percent over concerns about the differences between co-founders Rahul Bhatia and Rakesh Gangwal.

Religare Enterprises was locked in 10 percent upper circuit on Thursday after the company announced its plan to divest its entire stake in Religare Finvest to TCG advisory for an undisclosed amount.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nifty Metal index slumps over 10% in one year as high iron ore prices weigh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Nifty Metal index fell 1.34 percent in the afternoon session on Friday, dragged lower by stocks like Jindal Steel, MOIL, Coal India and Vedanta.

At 01:28 pm, the index was down 1 percent and was the top sectoral loser on Nifty. In last one year, the index has lost 10.81 percent.

Steel companies are under pressure after China crude steel output hit a record high in May. The steel mills profit margins are down more than 50 percent due to a jump in iron ore prices following the US-China trade tensions.

“Global steel prices have found little support in 1H19 despite the big rally in iron ore, Beijing’s stimulatory actions and progress on US-Sino trade talks, as global growth concerns and China’s high steel production remained overhangs. We expect ore prices to peak in Q3 and ease materially over Q419-Q120, which should weaken cost support hopes for steel,” CLSA said in a research report.

The brokerage added that the Indian steel prices have come under pressure due to weak global prices and some moderation in domestic demand. It has ‘sell’ rating on Tata Steel & JSW Steel.

Catch all the latest and live updates here on CNBC TV18 Market Live Blog.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: Sensex ends 491 points lower, Nifty below 11,700 on trade war fears; metal, energy stocks drag

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian benchmark indices ended 1.3 percent lower on Monday, dented by losses across sectors, after the country slapped higher tariffs on certain US products. Asian shares were also down as investors turned cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk appetite in check.

India, the largest importer of US almonds, imposed higher retaliatory tariffs on 28 US products including almonds, apples and walnuts from Sunday. Total trade between the two countries stood at around $142.1 billion in 2018. Higher Indian tariffs on US goods could impact growing political and security ties between the two nations.

The Sensex ended 491 points lower at 38,961, while the broader Nifty50 index lost 151 points to end at 11,672. Broader markets were in-line with the benchmark indices with the Nifty Midcap and the Nifty Smallcap indices falling 1.2 percent and 1.6 percent, respectively.

YES Bank, Zee, Wipro, and Coal India were among the top gainers on the Nifty50, whereas Tata Steel, JSW Steel, Tata Motors, Indiabulls Housing, and ONGC led the losses.

All sectoral indices ended the day in the red. The Nifty Metal index was the worst performing sector, down 2.9 percent followed by Nifty Auto, down 1.7 percent, Nifty PSU Bank, down 1.6 percent and Nifty Pharma, down 1.3 percent for the day. Nifty Fin Service, Nifty Bank, Nifty Realty and Nifty Media also fell around 1 percent for the day.

Nifty Energy index fell 2 percent as crude oil prices rose after tensions mounted following attacks on tankers last week. Among the laggards, HPCL fell 4 percent followed by ONGC, down 3.2 percent and IOC, down 2.9 percent.

Nifty Metal slipped 2.9 percent dragged mainly by JSPL, Tata Steel, SAIL, and JSW Steel falling in the range of 3.7-5.8 percent.

Jet Airways fell 19 percent, extending losses for the eighth straight session after the PMO called for a review on the debt-laden airline.

Shriram Transport Finance shares fell over 6 percent on Monday after Piramal Enterprises sold its entire stake in the company.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed by early afternoon, after opening slightly weaker. Japan’s Nikkei average also closed flat. Asian markets got a quick boost after Hong Kong’s Hang Seng Index jumped as much as 1.4 percent. At the weekend, the territory’s leader Carrie Lam climbed down on a bill that would have allowed extradition to China.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This small-cap stock has jumped over 100% in one year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Steel manufacturer Usha Martin shares have jumped 116 percent to Rs 40.15 since March 2018, making it the top-gainer on the small-cap index.

The specialty steelmaker stock, so far this month, has surged 25 percent as compared to a 7.14 percent gain in Sensex and a 6.83 percent in Nifty, respectively.

Bhushan Steel had first acquired Usha’s steel business for Rs 4,500 crore and later, Tata Steel acquired both these companies to ramp up its steel capacity in India and expand its Odisha plant.

Usha Martin has a specialized 1 million tonne per annum (MTPA) alloy based manufacturing capacity in Jamshedpur. It is amongst the largest wire rope manufacturers in the world and a leading specialty steel producer in India.

In Q3FY19, the company had reported poor numbers with net sales plunging 45.39 percent YoY. EBITDA was also down 32.73 percent YoY to Rs 80.05 crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Markets remain positive on global optimism; metals lead, ADAG stocks tumble

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Benchmark indices continued to trade in positive led by gains in metal and financial stocks on the back of positive Asian cues. Asian stocks advanced to four and a half month high on Wednesday as investors bet that Chinese and US trade negotiators would be able to secure a deal to de-escalate their year-long tariff war.

At 11.56 AM, the S&P BSE Sensex was trading 228 points higher at 35,580, meanwhile, the Nifty50 index was ruling at 10,674, up 70 points. Vedanta, Tata Steel, ONGC, and L&T were the top performers in the S&P BSE Sensex meanwhile, gains were capped by auto stocks like Bajaj Auto and HeroMoto Corp.

Broader market indices rose in tandem with their frontline peers. Both the Nifty and BSE MidCap indexes were up almost 0.5 percent. All sectoral indices, except FMCG, was trading in green. Nifty Metal was the top performing sector on positive global cues with JSPL, Vedanta, SAIL and Tata Steel gaining in the range of 2.7-4.7 percent. Nifty PSU Bank index and Nifty Financial services followed.

Amid individual stocks, shares of Anil Ambani group companies cracked after the Supreme Court held Ambani guilty of contempt in Ericsson debt payment case today. The Apex Court slapped a fine of Rs 1 crore to Anil Ambani and has directed RCom to pay the balance amount to Ericsson India in four weeks. In case of payment default, Anil Ambani will be sent to jail for three months.

Reliance Communications, Reliance Capital and Reliance Infra shares slipped in the range of 9-10 percent on BSE following the judgment. Reliance Naval and Engineering fell 5 percent whereas Reliance Power was trading flat.

Jaypee Infratech was locked in 5% upper circuit after JP Associates offers to repay the company’s dues. The promoters of debt-ridden Jaypee Infratech (JIL) have made a last minute offer to withdraw the company from insolvency proceedings, sources aware of the development told CNBC-TV18.

Catch all the action and updates in our Market Live blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vedanta declines reports of revised bid for Essar Steel; stock rises over 4.5%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Vedanta was trading ended 4.6 percent higher at Rs 160.1 on BSE on Wednesday after the company denied news reports stating that Vedanta and JSW are likely to place a joint bid for Essar Steel.

The Anil Agarwal-promoted metals and mining major confirmed categorically that it is not in the process of submitting any revised bid for Essar Steel under the IBC process as mentioned in the reports.

According to media reports, Vedanta and JSW Steel, are in discussions to make a joint bid for Essar Steel, in order to keep ArcelorMittal away, Business Standard reported, citing sources.

According to the report, the bid is likely to be in the range of Rs 45,000-48,000 crore, as against ArcelorMittal’s bid of Rs 42,000 crore, keeping in mind the maximization of value.

The stock has hit a high and low of Rs 160.65 and Rs 154.1, respectively during the day.

Meanwhile, the S&P BSE Sensex ended over 1% (403 points) higher at 35,756 levels.

Also, catch all the action and updates in our Market Live blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow