Nifty Metal and Tata Steel Hit Fresh High; Tata Steel Enters into 2 Lakh Crore Market Cap Club!

Indian benchmark indices have witnessed a robust performance on the very first trading session of FY25, with the Sensex trading above the 74,000 mark, while the Nifty is marginally shy of the 22,500 mark. Among the sectoral performances, all sectors were seen trading in the green, led by Nifty Realty, Nifty Metal, and Nifty Media.

Nifty Metal Index:

Nifty Metal, with its remarkable surge on Monday, has scaled to a fresh record high. On the daily chart, the Metal index has witnessed a breakout of almost a two-month-long rectangle-like pattern. The index was seen trading within the band of 8348-7578 in the last couple of months; however, with a surge of over 3%, the index logged a resolute breakout of the rectangle pattern.

Stock to Watch Out For:

In the Nifty Metal index, all stocks were seen trading in the green; however, one stock specifically demanding special attention is Tata Steel. The stock of Tata Steel is up by nearly 5%, and with this strong up-move, the stock has recorded a fresh all-time high on NSE. The stock has recorded its highest single-day move since March 18, 2024. Interestingly, we are halfway through the trading session, and the stock has recorded a total traded volume of more than 5 crore shares on NSE.

Rs 2,00,000 Crore Market Cap Club:

The stock on Monday, with its jump of nearly 5%, has made its mark as it has joined the list of Rs 2,00,000 crore market cap club. JSW Steel has a market cap of Rs 2,13,622.67 crore as of Monday.

Stock Performance:

The Tata Steel stock has delivered handsome returns of 56% in the last one year, and in the last three months, the stock has gained 16.59%, while in the last one month, it has advanced by 8.70%.

Option Analysis:

The highest open interest on the Call side is placed at the strike of 160, followed by 170 CE strike. While on the put side, the highest open interest is seen at the 150 strike price, followed by 140 PE strike price. Talking about the open interest change, a huge addition of open interest is seen in 160 PE strike, and on the call side, a significant open interest addition is seen at 165 CE strike.

9MFY24 Result:

Consolidated Revenues for the first nine months of the financial year were at Rs 1,70,483 crore. EBITDA stood at Rs 16,771 crores, with an EBITDA margin of around 10%. The company has spent Rs 4,715 crores on capital expenditure during the quarter and Rs 13,357 crores for 9MFY24. The phased commissioning of the 5 MTPA expansion at Kalinganagar has commenced. Net debt stands at Rs 77,405 crores. Group liquidity stood strong at Rs 23,349 crores, which includes cash & cash equivalents of Rs 10,825 crores.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.