The rising Index, with a high number of constituents participating, confirms a bullish trend and sustainability of the Index at higher levels, say some experts. However, one fund manager says the data hides more than it reveals, given that the returns so far have been abysmal.
The operating environment should gradually improve in H2FY23 on government measures and the margins should benefit across geographies from gradual recovery in Indian markets and favourable movement in raw material prices, especially coking coal, Koushik Chatterjee.
Investors may focus on the management’s guidance on European operations, and the impact of the depreciating GBP.
Prices of both ferrous and non-ferrous metals have declined 20 percent QoQ, volumes were soft while thermal coal prices moved up which impacted the profitability of the sector
The amalgamation may not add/create much value in terms of profitability except for the savings on royalty and regulatory costs, say analysts.
The performance for the quarter was impacted by the higher pet coke prices which resulted in an increase in operating costs, while the export duty imposed by the Government of India, choked up the exports which had a negative impact on the volumes.
The performance of the company during the quarter was impacted by decline in volumes due to the imposition of export duty as well as increase in coking coal costs which inflated the operating costs.
The Chinese government has promised to pump-prime the economy as restrictions ease
China’s central bank slashed five-year loan prime rate by 15 basis points to 4.45 percent
Global commodity prices have surged in the past month owing to sanctions imposed on Russia by several advanced countries following its invasion of Ukraine.
"We continue to drive value accretive growth in our chosen segments and our performance in key segments such as auto was robust despite the sector being impacted by the semiconductor shortage," said TV Narendran, Chief Executive Officer & Managing Director.
The company may report a sequential decline in performance in the quarter due to higher coal and energy prices and a slight drop in volumes
Market participants believe that the re-imposition of the anti-dumping duty will benefit European arms of Indian manufacturers such as Tata Steel and JSW Steel
Jefferies India’s downgrade of the sector may not come entirely as a surprise to investors who have seen many steel stocks give up substantial gains in the past four months.
Tata Steel posted its highest ever underlying quarterly performance on the back of strong operating and market performance across all geographies including Europe.
Higher volumes and realisations are expected to boost the Tata Group company’s results
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Tata Sons Limited bought 19,387,920 shares of Titan Company at Rs 329.35 on the BSE.
India Ratings & Research (Ind-Ra) has revised its Outlook on Indian steel producers to Negative from Stable for H213. The Negative Outlook is in view of the higher-than-expected deterioration in the financial and liquidity profiles of rated issuers.
India Ratings expects credit profiles of its rated steel producers to remain stable in 2013, driven by continued albeit slow growth in domestic steel demand. The majority (92%) of ratings are on stable outlooks and most of them are below 'IND BBB-', which reflects the inherent risks in the steel sector.