Basic materials stocks edge higher 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.
Tata Steel India reported an 11 per cent decline in deliveries in the first quarter of 2021-22 compared with the fourth quarter of the last fiscal, signalling that partial lockdown and restrictions because of the second wave of Covid-19 dented demand for the metal in the country.
Deliveries of 4.15 million tonnes (mt) were, however, significantly higher than the same period of the last fiscal when the nation underwent one of the strictest lockdowns in the world. Sales volume was up by 43 per cent compared with April-June of 2020-21 when Tata Steel India recorded only 2.93mt sales.
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Production of Tata Steel India, which includes those of subsidiaries such as Tata Steel BSL Ltd and Tata Steel Long Products Ltd, was 4.62mt, 2.6 per cent down quarter-on- quarter as the entities had to supply liquid medical oxygen (LMO) to hospitals, cutting down on production level. Cumulatively, they supplied 47,800 tonne LMO to hospitals when oxygen demand spiked during the second wave.
Tata Steel Long Products - Q1FY22 Crude steel production and Sales volume increase by 42% YoY and 39% YoY equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Basic materials stocks were trading in the positive zone, with the S&P BSE Basic Materials index rising 70.2 points or 1.5% at 4735.91 at 09:49 IST. Among the components of the S&P BSE Basic Materials index, Tata Steel Ltd (up 4.43%), Kalyani Steels Ltd (up 4.37%),Tata Steel BSL Ltd (up 4.2%),MOIL Ltd (up 3.95%),Tata Steel Long Products Ltd (up 3.81%), were the top gainers. Among the other gainers were Galaxy Surfactants Ltd (up 3.56%), Prakash Industries Ltd (up 3.23%), JSW Steel Ltd (up 3.18%), Hindalco Industries Ltd (up 3.09%), and Sunflag Iron & Steel Company Ltd (up 2.92%). On the other hand, Bodal Chemicals Ltd (down 2.85%), Deepak Fertilizers & Petrochemicals Corp Ltd (down 1.6%), and DCW Ltd (down 1.6%) moved lower.
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Benchmark NSE Nifty index was trading 14.60 points up at 14311.00 on Thursday on account of buying in frontline bluechip counters.
Among the stocks that touched their 52-week highs on NSE were: Apollo Hospitals, Arvee Laboratories, Cadila, NBI Industrial Finance, Neuland Laboratories, Orient Refractories, RPG Life Sciences, Wipro, Tata Steel Long Products and Supreme Petrochem.
Overall, 25 shares were trading in green in Nifty50 index, while 24 were trading in red in the afternoon trade.
In the Nifty 50 index, Tata Steel, Wipro, JSW Steel, ICICI Bank and BPCL were among top gainers, while Titan Company , M&M, Shree Cements, HUL and Tech Mahindra were trading in red.