Shipment company

Market movers: Market movers: Metals face reality as iron ore shipments halve

NEW DELHI: Metals and mining stocks were under pressure on Friday after media claimed export shipments of iron ore and pellets from India had fallen significantly in the financial year 22.

The Ministry of Steel reported that iron ore export shipments from India were recorded at 15.28 million tonnes (mnt) in FY22, down sharply by 67% YoY vs. 46.45mnt in FY21. Factors that hurt exports were lower Chinese purchases and the scrapping of NMDC’s long-term iron ore export contracts with Japanese steel mills and South Korea’s POSCO.

NMDC closed more than 1 percent. National Aluminum and Welspun Corps were the day’s other big losers. Nifty Metal ultimately ended down 0.55%.

big order

Genus Power Infrastructures reported having received a Letter of Award (LOA) for the appointment of the Advanced Metering Infrastructure Service Provider (AMISP) including the design of the AMI system with the supply, installation and commissioning service of 10 Lakhs smart prepaid meters, DT and FMS meter level energy accounting of these 10 Lakhs smart meters.

“This is the largest order completed by a utility in the country for AMISP. This order reaffirms our market position and capability as a provider of technologically advanced metering solutions,” the company said.

The value of the order is Rs 828.57 crore (excluding tax).

Following the update, the stock added more than 2% to Rs 103.35.

Orders that explode

Premier Explosive said it signed a contract with a foreign entity for the supply of rocket motors (Sh-522 items for R-22 aviation guided missiles with Igniter V-287) for a total value of 13.13 million dollars (around Rs 100 crore approx).

The items ordered must be delivered within eighteen months.

This comes on top of the Rs 58 crore order he received from the Ministry of Defense earlier in the week.

The stock ended up climbing 4%.