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Informist, Friday, Jan. 23, 2026

MUMBAI – Movement of base metal and precious metal prices will likely lend cues to shares of metal manufacturing companies, but earnings and the Union Budget for 2026-27 (Apr-Mar) are also expected to be in focus. JSW Steel will be in focus Tuesday, after having declared its December quarter earnings on Friday. Jindal Steel, Steel Authority of India, and National Aluminium Co. will declare their results next week.

Post market hours Friday, JSW Steel reported a sharp on-year rise in consolidated net profit for the December quarter, surpassing Street's estimates. The company also registered a double digit year-on-year growth in consolidated revenue, beating analysts' estimates. The company's net profit would have been higher if not for a large one-time cost on account of the new labour codes. However, the profit would have fallen short of expectations without the recognition of a very large deferred tax asset. The stock closed 1.2% lower at INR 1,170 on the National Stock Exchange. In the near term, the stock is expected to trade between INR 1,100 and INR 1,230.

Hindustan Zinc will be in focus as the company benefitted from the rise in silver prices. The prices of precious metals continued to rally as traders fled to safe-haven assets amid geopolitical uncertainties and demand-supply mismatch. The company's market capitalisation has risen to INR 2.95 trillion, the highest among metal companies. The stock Friday closed 5% higher. It has gained 14% so far in 2026. However, it is 14% down from the record high of INR 807.70 it hit in May 2024. The stock is expected to move in the range of INR 650-INR 750.

On Friday, the Nifty Metal index ended lower by 95.90 points, or 0.8%, at 11477.80 points. The index rose to a record high of 11783.90 points intraday. Hindustan Zinc and APL Apollo Tubes were the top gainers in the index. Adani Enterprises and Lloyds Metals and Energy were the worst-hit. The index is expected to face resistance at 11800 points and find support at 11000 points, next week, said Vipin Kumaar, assistant vice president – technical and derivatives at Globe Capital Market.

TOP HEADLINES

* SG Mart Oct-Dec consol PAT falls 62% YoY to INR 107.4 million
* Hindustan Zinc OKs raising up to INR 14 bln via NCDs in two tranches
* LLoyds Metals clarifies arm used $53.6 mln to buy shares of Nexus Holdco
* Analyst Concall: APL Apollo revises Q4 EBITDA/tn guidance to INR 5,500
* Earnings Review: APL Apollo Q3 consol PAT jumps 43% YoY, beats Street view
* Hindustan Zinc board OKs appointing Sandeep Kadam as govt nominee director
* HC extends relief to Tata Steel on INR-43-bln demand orders till Jan 29
* SC gives cos relief on minimum import price notification on steel products
* Earnings Review:Jindal Stainless Q3 PAT, sales growth modest; misses view
* Hindustan Zinc board to mull fund-raise via listed NCDs Fri
* CCI OKs transfer of Bhushan Power steel ops, JFE's stake buy in JSW arms
* CCI approves Tata Steel's plan to buy 50% stake in Thriveni Pellets
* Earnings Outlook:APL Apollo Tubes Q3 sales seen muted, PAT up on margin rise
* Analyst Concall: Hindustan Zinc's silver volume to be close to FY26 guidance
* Earnings Review: Hind Zinc Q3 PAT, sales surge YoY on high metal prices
* Vedanta arm gets two demand notices of INR 12.55 bln from Odisha govt
* Vedanta OKs corporate guarantee for INR 17.25-bln loan of arm Ferro Alloys
* Jayaswal Neco Oct-Dec PAT falls nearly 4% YoY to INR 741 million
* LIC reduces holding in Vedanta to 4.88% after selling 2% over 9 years
 

Following are the resistance and support levels for key metal stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

Reported by Gopika Balasubramanium

Edited by Ashish Shirke

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