/ Steel Stocks Soar JSW Up By 5%, Tata Steel Up 3% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 11 January 2017

The steel stocks are soaring on bourses with JSW steel gaining more than 5% and Tata Steel by more than 3% in the opening session of the markets even as the broader markets cheer the broad-based rally on Wednesday.

The steel stocks are in positive trend owing to the reports that in China all steel companies will be closing their medium frequency furnaces which is 9% of the steel capacity.

The steel stocks have been in positive momentum since last year with JSW steel gaining almost 85% since last year. Over past one week the stock has sizzled 14% and the over one month the stock is up by 16%.

Tata Steel on the other hand hits its 52-week high at Rs 449 per share on Thursday. The stock has gained by more than 77% in past one year. Over past one week the stock is up by 11% and over past one month the stock is up by more than 17%. Tata Steel Ltd is currently trading at Rs 446.3, up by Rs 15.4 or 3.57% from its previous closing of Rs 430.9 on the BSE.

The scrip opened at Rs 434.95 and has touched a high and low of Rs 449.4 and Rs 432 respectively. So far 4588929(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 41849.67 crore.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 440.9 on 11-Nov-2016 and a 52 week low of Rs 211.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 431.5 and Rs 401.75 respectively. The promoters holding in the company stood at 31.35 % while Institutions and Non-Institutions held 42.14 % and 26.51 % respectively. The stock is currently trading above its 50 DMA.
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