Tata Steel, Jindal Steel, JSW Steel and Shyam Metalics recorded gains exceeding 3% on Friday, while SAIL and Nalco gained 7% and 5%, respectively. Jindal Steel, SAIL and Nalco shares surged more than 10% in the last five trading sessions.
Hindustan Zinc may have to explore alternative strategies other than handing out cash for the proposed $2.98 billion acquisition of Vedanta’s zinc assets
Ahead of Q1 results, Tata Steel rallies on rare double ratings upgrade business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
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Not just big names, even retail investors and institutional investors piled on select stocks from the sector. In 2021 till now, 38 stocks from this space have delivered multibagger returns; 24 have more than doubled since April 1, reflecting solid investor interest. This is reminiscent of the rally in metal stocks that multiplied between October 2020 and May 2021.
This is at the time when the situation is yet to turn favourable for the business. JM Financial expects home textile players to report sequentially flat profit growth in Q1. However, things may change drastically from here on.
Analyst commentaries have turned bullish on the textile sector. In the financial year 2021, the home textile segment saw a 7-8 per cent drop in revenues. However, that is likely to grow 20-22 per cent this financial year, said Crisil.