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Last Updated : Sep 24, 2020 12:34 PM IST | Source: Moneycontrol.com

D-Street Buzz: Metal stocks melt, JSPL, NMDC, Tata Steel top losers; Coal India hits new all-time low

Jindal Steel & Power and NMDC were down over 5 percent each followed by Tata Steel, SAIL and Welspun Corp.

 
 
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The Indian stock market is trading in the red for the sixth straight session on September 24 with the Sensex falling 738.84 points or 1.96 percent to 36,929.58, and the Nifty tanking 217 points or 1.95 percent to 10,914.90.

Sectorally, the metal index fell over 3 percent dragged by Jindal Steel & Power and NMDC which were down over 5 percent each followed by Tata Steel, SAIL and Welspun Corp.

Shares of Hindalco Industries shed 3 percent while that of NALCO, JSW Steel and Coal India were down 2-3 percent each.

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Vikas Jain, Senior Research Analyst at Reliance Securities suggests avoiding Hindalco and has a target of Rs 140 per share. The stock saw resistance near its 34-month average and witnessed sharp profit-booking from the recent high of Rs 200 levels.

However, global research firm CLSA has maintained a buy on the stock with a target of Rs 225 per share. It is of the view that the correction in Hindalco's stock is unwarranted given the resilient earnings outlook, according to a CNBC-TV18 report.

Shares of Coal India fell over 2 percent to hit their all-time low of Rs 117.85 in intraday trade on BSE on September 24. As per analysts' views, the company may witness de-growth in production during the current fiscal as its output is likely to fall below 600 million tonnes amid subdued demand.

JIndal Steel & Power has been under pressure and is one of the top BSE midcap losers following reports that Deutsche Bank Trust Company Americas (DBTCA) filed Suspicious Activity Reports (SARs) on fund transfers by the company for two consecutive years.

The media reports were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCen).

SAIL stock was one of the most active on NSE in terms of volumes with 2,62,10,855 shares being traded.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Sep 24, 2020 12:31 pm
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