Despite a 10% rise, this remains the worst-performing index in 2023 so far
Vedanta (down 20 percent) and Adani Enterprises (down 26 percent). All others have been in the green. Meanwhile, 2 have given multibagger returns this year with Jindal Stainless surging 128 percent and Welspun Corp up 123 percent.
They were followed by Ratnamani Metals and Hind Copper which jumped 81 percent and 67 percent, respectively. NMDC, APL Apollo, Jindal Steel, Steel Authority, and NALCO advanced between 20 percent and 50 percent. Tata Steel, Hindalco and JSW Steel also added 10-15 percent each.
In the September quarter, according to Elara Securities India, there was a notable upward trend in the prices of major non-ferrous metals, excluding copper, on the London Metal Exchange (LME). Specifically, LME lead prices experienced a significant 5 percent month-on-month increase, followed by a 4 percent month-on-month rise in zinc prices and a 2 percent month-on-month increase in aluminum prices, noted the brokerage. In addition to the non-ferrous metals, domestic Hot Rolled Coil (HRC) prices in India saw a 2 percent month-on-month increase until October 10th, it added.
Similarly, long product prices also registered a 1 percent month-on-month uptick compared to the average prices in September. This price surge in the steel sector has been attributed to strong domestic demand and the escalating costs of raw materials, stated the brokerage. Moreover, the combination of robust domestic demand and the upward trajectory of raw material prices has played a pivotal role in supporting and driving the prices of steel in the country during this period, it observed.
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