Steel stocks have outperformed the market this year. But now, the spotlight shifts to June-quarter earnings. Stable prices at home, falling rebar prices, rising costs, and fresh pressure from China
The Nifty Metal index fell over 3 per cent to hit an intraday low of 11,052.55, dragged by Hindustan Copper, Hindustan Zinc, APL Apollo Tubes, Tata Steel, SAIL, Adani Enterprises, and Jindal Steel
In the ferrous space, analysts at ICICI Securities don't foresee any major impact due to ongoing geopolitical tensions as exports share of total steel production is pegged at <6 per cent.
Among sector players, Nomura has maintained Buy recommendations on Tata Steel with a target price of ₹220 per share, JSW Steel at ₹1,340, Jindal Steel at ₹1,280, and Lloyds Metals & Energy at ₹1,600
Vedanta Q3 Preview: Analysts see robust performance from the aluminium, zinc and power segments, which is likely to offset weakness in the oil and gas business
Steel companies are expected to deliver a robust 8-10% volume CAGR over FY25-28E, driven by strong domestic demand and capex, with safeguard duties supporting profitability, believe analysts.
India's steel sector is set to outperform globally, driven by strong domestic demand, safeguard duties and capacity expansion. Motilal Oswal picks JSW Steel, Tata Steel
The news report further suggested that the CCI probe has also held 56 top executives liable for price collusion over varying periods between 2015 and 2023
Jindal Steel plans to double its structural steel manufacturing capacity to 2.4 MTPA by mid-2028, aimed at addressing the growing demand for heavy and ultra-heavy structural steel sections.
HEG hopes that in two, three quarters, steel production starts to increase and the new electric arc furnace capacities start coming on stream in the next one to two years.
Aeroflex Industries shares surged in trade today after the company announced a series of capacity expansion initiatives along with a fund-raising plan.
Technical charts suggest that Tata Steel, Hindalco and National Aluminium can potentially rally up to 10%; here are the key levels to watch out for on these metal stocks.
Tata Steel Q2 preview: Brokerages project consolidated revenue in the range of ₹53,000-55,800 crore, up marginally Y-o-Y, while Ebitda is likely to rise 38-67 per cent Y-o-Y to around ₹8,500 crore.
Analysts at Nuvama noted that APL Apollo launched its new 'SG Premium' product line at around ₹49,500 per tonne to counter competition from secondary steel players.
Motilal Oswal Financial upgrades Tata Steel from Neutral to BUY with a target price of ₹210 per share, while InCred Equities upgraded SAIL's rating to ADD from REDUCE, with a target price of ₹158.
