IT may feel the heat

Barring a few segments like information technology, corporate India in general will gain from the revaluation of the Chinese currency as it paves the way for a stronger rupee.

"At least, the process has started. I think it will be revalued again soon. The IT industry will be affected to some extent but by and large, all importers will gain," said Larsen & Toubro Chief Finance Director YM Deosthali.

Uttam Galva Steels Director Ankit Miglani said Indian steel-makers would benefit from the revaluation of the yuan.

"Even though India does not produce best quality steel in the world, the country is one of the major exporters. In the cost-to-quality ratio, India is much behind European or Japanese steel majors," he said.

China imports around 30 million tonnes of steel and a majority of imports are basically value-added flat products. India exported 1.5 million tonnes of galvanised steel to China, which was part of the total Chinese imports of 30 million tonnes last year.

On a $400-600 per tonne average price of steel, there will be a 2 per cent gain. A textile company executive said Indian companies would gain as they competed with China.