Iron and steel product stocks demonstrated exceptional performance in Thursday's trading session, with Jindal Saw, Man Industries, Ratnaveer Precision Engineering and Welspun Corp trading up to 7% higher on the BSE amid heavy volume. According to reports from Business Standard, these stocks rallied in the range of 3% to 6% during intra-day deals, significantly outperforming the broader market. The BSE Sensex was down 0.29% at 77,246 at 11:17 AM, highlighting the sector-specific strength in iron and steel products.
Welspun Corp emerged as the standout performer, with its stock price zooming 200% from ₹813.50 on March 30, 2026 to a new high of ₹2,438.55, surging 6% in intra-day deals. As reported by Business Standard, the rally was primarily driven by the company securing its largest-ever order for pipes from its US manufacturing facility. The order entails supplying pipes for evacuation and transportation of over 3 billion cubic feet (Bcf) of gas from the Permian Basin to the Gulf Coast, significantly strengthening the company's order book from ₹25,750 crore to ₹42,100 crore.
Man Industries shares soared 135% to ₹748 from ₹318.10, with the stock hitting a new high and rallying 6% in intra-day deals. According to Business Standard, the company operates three manufacturing facilities with a combined installed capacity of over 1.6 million MTPA across Pithampur, Madhya Pradesh; Anjar, Gujarat; and Saudi Arabia. The company's consolidated order book stands at ₹3,600 crore across India and Saudi Arabia, with the management expecting Saudi operations to ramp up meaningfully from Q2FY27.
India's steel sector continues to show strong momentum with domestic HRC prices rising ₹1,200 per tonne week-on-week to ₹59,750 per tonne and rebar prices rebounding ₹1,050 per tonne to ₹54,750 per tonne, as reported by Nomura. The recovery extends after a prolonged three-month correction, with the domestic flat-long spread remaining positive at over ₹5,000 per tonne. India's HRC spot margin stood at around ₹35,838 per tonne in August, improving by around ₹1,117 per tonne month-on-month. Nomura maintains its positive outlook on the India steel sector, citing that the domestic steel industry is well positioned to benefit from price hikes implemented in late 4QFY26 and through 1QFY27.
