Introduction
The steel sector is the backbone of the Indian economy. Be it machinery, buildings, automobiles or bridges, steel is used almost everywhere. Its production in India has skyrocketed over the last decade making it the second-largest producer of crude steel in the world.
With the ever-growing domestic demand, booming infrastructure projects and favourable government policies, investing in steel companies can be wise. Let's discover some of the best steel stocks in India in 2024 to add to your portfolio.
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Best steel companies in India in 2024
Here’s a list of a few of the best steel stocks to buy in India in 2024 for your portfolio:
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JSW Steel Limited
With consistent innovation and growth, JSW Steel produces high-value steel products for construction, automobiles, infrastructural development, electrical appliances, etc. Its stock price as of April 5, 2024, was INR 858.30.
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Jindal Steel and Power
A prominent player in the steel, mining and infrastructure sectors, Jindal Steel and Power produces high-end and cost-effective steel. It has ambitious plans for expansion to cater to the growing demand across the globe. The company stock price as of April 5, 2024, was INR 915.
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Tata Steel Limited
Tata Steel is the 10th biggest steel producer in the world. Its end-to-end steel value chain, from mining to finished products, caters to several segments like construction, automobiles, engineering, and so on. Tata Steel’s stock price as of April 5, 2024, was INR 163.30.
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Godawari Power and Ispat Limited
It is an integrated steel producer with a prominent presence mainly in mild steel wires. The company is an end-to-end manufacturer of mild steel wires and also produces billets, sponge iron, wire rods, pallets, etc., in the process. The stock price of Godawari Power and Ispat Limited as of April 5, 2024, was INR 760.
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Jindal Stainless
The company produces high-quality stainless steel in India. It produces slabs, plates, hot-rolled coils, cold-rolled coils, etc. Its services span across various sectors, including automobile, nuclear applications, consumer durables, construction, etc. The stock price of Jindal Stainless as of April 5, 2024 was INR 702.50.
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Shyam Metalics and Energy Limited
It is one of the leading integrated metal producers in India with a focus on ferroalloys and long steel products. The company sells intermediate and final steel products and is one of the prominent players in pellet capacity. The stock price of Shyam Metalics and Energy as of April 5, 2024, was INR 619.80.
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Ratnamani Metals and Tubes Limited
The company manufactures stainless steel and welded tubes and pipes. Its products cater to the needs of an array of industries and markets like oil and gas, defence, aerospace, automobiles, dairy, refinery, etc. The stock price of Ratnamani Metals as of April 5, 2024, was INR 3021.35.
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Venus Pipes & Tubes
Engaged in the production and export of stainless-steel pipes and tubes, Venus Pipes & Tubes supplies steel products for use in diverse sectors such as engineering, fertilisers, power, oil and gas, etc. Its stock price as of April 5, 2024, was INR 2020.
To wrap up
If you are looking forward to investing in the Indian steel industry, make sure you analyse the financial performance and future growth prospects of the top steel companies. The selection of steel stocks in India listed above can offer promising investment opportunities. They are suitable choices to diversify your investment portfolio and benefit from the burgeoning steel sector. However, conducting thorough research is vital before investing your hard-earned money.
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