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Stocks of major steel companies are expected to trade in a narrow range next week taking cues from local share indices that are seen rangebound ahead of the announcement of the Union Budget for 2013-14 (Apr-Mar) on Feb 28. There are no major expectations for the steel sector from the Budget and so we do not see any major movement in these stocks. The Street expects the Budget to be focused on fiscal consolidation and we see the government pegging the fiscal deficit target for the next year at 4.8% of gross domestic product. The Railway Budget for 2013-14 is due on Tuesday and this will be followed by the Economic Survey for 2012-13 on Wednesday, and then the Union Budget on Thursday. In the week ended Friday, shares of Jindal Steel & Power Ltd tumbled over 7% week-onweek
Stocks of major steel companies are expected to trade in a narrow range next week taking cues from local share indices that are seen rangebound ahead of the announcement of the Union Budget for 2013-14 (Apr-Mar) on Feb 28. There are no major expectations for the steel sector from the Budget and so we do not see any major movement in these stocks. The Street expects the Budget to be focused on fiscal consolidation and we see the government pegging the fiscal deficit target for the next year at 4.8% of gross domestic product. The Railway Budget for 2013-14 is due on Tuesday and this will be followed by the Economic Survey for 2012-13 on Wednesday, and then the Union Budget on Thursday. In the week ended Friday, shares of Jindal Steel & Power Ltd tumbled over 7% week-onweek
