Metal stocks have been seen a sharp fall today on the back of weak economic data from China. The S&P BSE Metal index slipped over 1% in today’s trade with stocks like Tata Steel, NMDC, SAIL and Hindalco sliding in the range of 1.1 – 2.1%.
The coal ministry has asked the environment ministry to assess the feasibility of grant of forest clearances (stage II) with regard to 10 coal blocks allocated to companies like Hindalco, JSPL, Tata Steel and Essar Power and send its comments by this
Worries over growing debt, prolonged capex cycle and macro factors affecting the domestic industry saw Tata Steel's shares correct four per cent to Rs 374.35 after the company announced its results on Tuesday after market hours.
Tata Steel, the world’s sixth largest producer, reported consolidated net sales of Rs 36,410 crore in the December quarter, up 14 per cent from the corresponding period last year, led by 5.6 per cent growth in deliveries at 3.2 million tonnes (mt)
The Central Electricity Authority has asked companies including NTPC, Hindalco, Tata Power and Tata Steel to expedite production from captive coal blocks allocated to them and inform it about any constraints.
Over the past few trading sessions, metal names like Tata Steel, JSW Steel have been steadily declining.The recent run-up was mainly on the back of rupee depreciation, Fed tapering and positive sentiments globally.
Shares of companies like Tata Steel, JSW Steel and Steel Authority of India (SAIL) witnessed 95%, 69% and 66% run-up, respectively, in the past four months compared to a 41% jump in the BSE Metal Index and a 8% rise in the Sensex during the same period,