Metal stocks lose shine

Metal stocks saw high volatility during Tuesday's trade. At pre-lunch hours on Tuesday, S&P BSE Metal index was down by 2.04%. While Nifty Metal was down by 1.82%.  

Tepid results posted by India's steel major, Tata Steel may have triggered the downward movement seen in steel and other metals stocks. The company's consolidated quarterly revenue was at Rs. 32,464 crores, up by 20% YoY and 5% QoQ. It posted consolidated quarterly EBITDA of Rs. 4,726 crores, with EBITDA margin of 14.6%. The company's consolidated PAT was at Rs. 1,018 crores, up from a loss of Rs. 49 crores posted last year and Rs. 921 crores in Q1FY18. 

SAIL was trading at Rs. 77.15 per share, down by 3.56%, Hindalco was at Rs. 265.90, down by 2.57%, JSW Steel was at Rs. 257.65, down by 2.29%, Tata Steel was at Rs. 704.40, down 2%, Vedanta was at Rs. 333.20, down 2.04%, Jindal Steel was at Rs. 163.40, down 1.27%, Coal India was at Rs. 284.45, down 1.54%, Hindustan Zinc was at Rs. 315.05, down 0.88%. 

Meanwhile, Jindal Stainless (Hisar) Limited was trading at Rs. 232.30 per share, up by 1.15%, Welspun Corp was at Rs. 147.00, up 1.31%, National Aluminium Company at Rs. 92.10 per share, down by 0.49% on NSE, were among metal stocks trading in green.