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JSW Steel, SAIL, Tata Steel, NMDC, Hindalco Industries and NALCO were the other gainers which gained 2-3 percent each.

Benchmark indices erased all the day’s gains and ended marginally lower with Nifty able to hold above 9,000 level.

At close, the Sensex was down 63.29 points or 0.21% at 30609.30, and the Nifty was down 10.20 points or 0.11% at 9029.05. About 1211 shares have advanced, 1109 shares declined, and 175 shares are unchanged.

Nifty Metal was the outperforming sector, up over 2 percent amid positive global cues as more economies are re-opening post COVID-19 lockdown. Also, encouraging March quarter numbers by some of the companies boosted investor sentiment.

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Among the top gainers, Jindal Steel & Power surged over 12 percent on May 26 after the company reported a consolidated net profit of Rs 305.62 crore during the quarter ended March 31, 2020. It had posted a net loss of Rs 2,713.34 crore in the year-ago quarter, JSPL said in a BSE filing. However, its total income during the quarter under review was lower at Rs 8,835.23 crore as against Rs 10,158.95 crore in the same period a year ago.

Total expenses stood at Rs 8,355.48 crore in the March 2020 quarter as compared to Rs 11,850.61 crore in the corresponding period of the preceding fiscal.

The other gainers included JSW Steel, SAIL, Tata Steel, NMDC, Hindalco Industries and NALCO which gained 2-3 percent.

JSW Steel reported a consolidated profit before tax of Rs 953 crore in March quarter, down 60 percent from same period last year after revenues fell sharply on the back of weak demand amid economic slowdown.

Global research firm Credit Suisse has maintained an outperform call on JSW Steel with target at Rs 200 per share. It is of the view that Q4 EBITDA was largely in-line, helped by a beat in India operations adding that higher exports may dent blended realisations, according to a report by CNBC-TV18.

Post Author: Stangrowth

30 Replies to “Nifty Metal gains over 2% led by JSPL, stock ends 13% higher; Credit Suisse maintains outperform call on JSW Steel”

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