Metal stocks sizzled in the morning trade with Jindal Steel and JSW Steel emerging as major gainers, which in turn led to the BSE metal index post the biggest gain among the sectoral indices.
Coal India stock also was up by 1.2 per cent with the company announcing Rs 9.50 per share interim dividend that would help fill up the Government of India’s coffers since it owns 90 per cent of the equity of CIL.
However, the threat of a UK-based FII to take Coal India to court for “under pricing of coal’’ did not seem to have had an immediate impact.
Bhushan Steel was up by Rs 10.35 at Rs 401.35 and Coal India gained Rs 4.05 to trade at Rs 340.20. Jindal Steel gained Rs 15.25 to trade at Rs 603.50 and JSW Steel was up by Rs 17.60 at Rs 781.95. Tata Steel also witnessed a significant upturn gaining Rs 9.30 at Rs 465.30.
Sterlite and Sesa Goa, which are awaiting merger, also moved up. While Sesa Goa was up by Rs 8.65 at Rs 208.50, Sterlite moved up to Rs 119.25, a gain of Rs 4.70. The other metal stocks were up marginally. The metal index was up by 274 points at 11,604.