Range-bound trading is likely to be seen in the market in the upcoming sessions. Below are some short-term trading ideas to consider.
NMDC Steel share price: The company reported its first-ever quarterly profit in Q1 FY26, aided by higher steel prices, capacity ramp-up, and improved operating leverage
A decisive move above 21,500 could potentially trigger a significant rally in the Nifty 50.
In the BSE Auto index, Sundaram Fastners is going to replace UNO Minda, and Jindal Stainless will replace National Aluminium Company in the Metal index.
NMDC Steel is set to be taken private as the government is looking to sell 50.79 per cent of its shareholding, along with management control.
Financial bids would be invited only after investors gain confidence about the real capacity of the company.
While the board of NMDC had approved the demerger in July 2021, the Ministry of Steel had approved the demerger of NMDC Steel in March 2022
Currently, the government holds a 60.79 per cent stake in NSL, which is the steel manufacturing facility of India's largest iron ore producer NMDC located in Nagarnar, Chhattisgarh.
In a late evening communique to bourses on October 11, NMDC said it has received the orders of the MCA on Tuesday and that it was in the process of complying with the requirements as envisaged in the ministry’s order.