Last Updated :
02 June 2009 at 15:35 IST
Tata Steel rises 8% on firm steel prices
Commodity Online
MUMBAI: Steel stocks recorded gains despite the weakness gripped markets on profit bookings at higher level after an initial surge in the morning trades.
Sectoral metals index BSE metals surged by 2% to 11678 points during the afternoon trading session on the Bombay Stock Exchange (BSE). Index heavyweights Tata Steel Ltd, Jindal Saw Ltd and Ispat Industries Ltd witnessed a robust rise in the stock prices.
Tata Steel Ltd surged by over 8% to Rs.474.25, Jindal Saw rose to Rs.417.50 up by 4.65% from its previous close. Ispat Industries Ltd recorded moderate gains at Rs.26.60 up 2.35%, while Bhushan Steel Ltd was trading at Rs.701.50 with a gain of over 5% during afternoon trading session on the BSE.
Meanwhile, Sensex was trading at 14,876 points with marginal gains of 0.2%.
Profit booking at multi month higher levels, pulled the markets down, remaining within a striking distance of the psychological 15,000 level.
However, steel prices hovered at lower levels of Rs.23910 per MT for MCX June contract, while in the spot market; the prices remained high at Rs.29240 per MT.
MCX COTTON 29 mm 31 May 2012
contract was trading at
Rs 18750 , down Rs. -130 . What's your view on it?
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