The crude steel production also includes numbers from Tata Steel BSL and Tata Steel Long Products, without eliminating inter-company transactions, the company said in a statement.
The Indian government has announced various measures to stimulate economic activities and market sentiments, it said and added that, however, the benefits of the same in terms of new private investments and improved domestic consumption will potentially manifest only in the longer term.
Net Sales are expected to decrease by 19.2 percent Y-o-Y (down 2.2 percent Q-o-Q) to Rs. 35,172.5 crore, according to ICICI Direct.
Any company paying 33% tax rate will see its earnings go up by 12%. Overall, Nifty earnings going up by ~5-6% in FY20.
Trends on SGX Nifty indicate a gap-down opening for the broader index in India, with a 100 points loss or 0.90 percent. Nifty futures were trading around 11,011-level on the Singaporean Exchange.
About 23 companies, or nearly 50%, of the Nifty50 universe is trading at a discount to their 10-year P/E multiple, data from Motilal Oswal and AceEquity showed
The metal sector is about to turn oversold and we could see beginning of value buying or contra buying at the current or little lower levels.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 15.5 points gain or 0.14 percent. Nifty futures were trading around 10,975-level on the Singaporean Exchange.
The Indian steel giant announced that it had clinched the sale of a Canadian and Swedish plant as part of its worldwide Cogent Electrical Steels division but, despite exploring all options, the company has been unable to find a way forward for the Orb Electrical Steels plant.
It was already clear in early May that Brussels would block the deal, causing a strategic U-turn at the group which includes a planned stock market listing or sale of its elevators division.
The Tata Sons chief’s strategy appears to be one of consolidation, keeping in mind the philosophy of the group, rather than a slash and burn approach that may deliver quick results.
928 stocks advanced and 806 declined while 361 remained unchanged on the NSE. On the BSE, 1238 stocks advanced, 1095 declined and 143 remained unchanged.
ICICI Direct recommended hold rating on Tata Steel with a target price of Rs 350 in its research report dated August 08, 2019.
The Indian steelmaker, which runs the UK's largest steelworks at Port Talbot in south Wales, lost 371 million pounds in Britain in the financial year until March end this year as a result of lower production.
Of the Rs 12,000 crore, the steel major had initially planned to spend around Rs 8,000 crore on India operations.
Despite the issues hurting the steel sector, during the June quarter, Tata Steel recorded a 11 percent year-on-year growth in the group revenues.
Lower realisations, due to falling steel prices and higher cost, led to this poor performance at the operating level
Tata Steel’s Europe business bored a hole in its performance, highlighting why selling it is a must so that it can sail ahead on its profitable Indian business
CLSA maintained its sell rating on Tata Steel, but slashed its target price to Rs 320 from Rs 395 earlier.
Tata Steel India business declined nearly 2 percent to Rs 16,091 crore and Tata Steel Europe revenue fell 11.77 percent to Rs 14,495 crore compared to year-ago.
In January, the company had signed an agreement with HIBS Group to divest 70 percent in the assets.
The top losers from the auto space are Tata Motors and Tata Motors DVR which tanked over 5 percent each followed by Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Motherson Sumi Systems, TVS Motor Company, Eicher Motors and Ashok Leyland.
N Chandrasekaran says focus in Europe is to generate positive cash flow