NEW DELHI: Metal and mining stocks were under pressure on Friday after media reports claimed India’s iron ore and pellet export shipments had seen a considerable drop in FY’22.
Steel Ministry reported that India’s iron ore export shipments were recorded at 15.28 million tonnes (mnt) in FY22, falling sharply by 67% YoY against 46.45 mnt in FY21. Factors hurting the exports were lower Chinese buying and scrapping of NMDC’s long-term iron ore export contracts with Japanese steel mills and South Korea’s POSCO.
NMDC closed down over 1 per cent. National Aluminium, and Welspun Corps were other big losers of the day. Nifty Metal eventually ended down 0.55 per cent.
Big order
Genus Power Infrastructures said it had received a letter of award (LOA) for appointment of Advanced Metering Infrastructure Service Provider (AMISP), including design of AMI system with supply, installation and commissioning of 10 Lakhs Smart Prepaid Meters, DT Meter level energy accounting and FMS of these 10 Lakhs smart meters.
“This is the single largest order finalized by any state utility in the country for AMISP. This order reaffirms our market position and capability as a technologically advanced metering solutions provider,” the company said.
The value of the order stands at Rs 828.57 crore (net of tax).
Following the update, the stock added over 2 per cent to Rs 103.35.
Exploding Orders
Premier Explosive said it had signed a contract with an overseas entity for the supply of Rocket Motors (Items Sh-522 intended for R-22 aviation guided missiles with Igniter V-287) for a total value of $13.13 million (about Rs 100 crore approx).
Ordered items are expected to be delivered within eighteen months.
This comes on top of the Rs 58 crore order it received from the Ministry of Defence earlier in the week.
The stock ended up 4 per cent.
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