Steel stocks are trading mixed. Tayo Rolls and Jindal Saw Limited are the biggest gainers while JSW Ispat and Adhunik Metaliks are the biggest losers. According to a leading financial daily, Tata Steel is planning to invest 12 m Euros in new Netherlands facilities. It is developing a new finishing line for hot-dipped galvanized steel used in car body panels. This will improve the quality of galvanized steel from Tata Steel in IJmuiden, Netherlands and enable Tata Steel to increase production of specialized corrosion resistant steel. The investment is part of 'The Best Steel for Tomorrow' programme. Also, Tata Steel will be able to increase its volume of cold-rolled products.
Engineering stocks are trading weak led by Suzlon Energy and Praj Industries. According to a leading financial daily, a fire broke out at Bharat Heavy Electricals Limited's (BHEL) Bhopal plant on Wednesday morning in block 3. At the time of incident, nearly 800 employees were present in the block. The fire started when a transformer that was being tested exploded. Short circuit could have triggered the fire. Although no casualty has been reported so far, this raises questions on industrial safety measures in the PSU. A couple of workers have suffered minor injuries. BHEL has closed down transformer testing activity in the plant. As per the management, an investigation will be carried out to ascertain the exact causes of the fire. To what extent this incident will impact the company's operations remains to be seen.