www.rupeedesk.in
Stocks of major steel companies are seen up next week taking cues from the market, where key share indices look positive with National Stock Exchange's 50-share Nifty expected to scaling 6000-6050. Rally in stocks of banks and oil and gas companies amid positive global sentiment lifted benchmark indices for the fourth session, pushing Nifty to a near one-month high intraday yesterday. Next week, investor focus will be on India's industrial production data for January, due Tuesday, and Wholesale Price Index-based inflation rate for February, due Thursday. There are no sector-specific triggers for steel companies but overall sentiment will remain positive in the coming sessions. If government continues to bring in more reforms, it is going to be good for the market and this will push up steel stocks as well.
JINDAL STEEL
Jindal Steel & Power (Australia) Pty Ltd, a subsidiary of Jindal Steel and Power Ltd, has extended till Mar 29 its takeover bid offer for entire stocks of Australian arm of Gujarat NRE Coke Ltd Gujarat NRE Coking Coal Ltd (Gujarat), according to a stock exchange filing. In January, Jindal Steel's arm had made a takeover bid for the entire stocks of Gujarat NRE Coke at A$0.20 (11.06 rupees) per share. The takeover bid offer commenced on Feb 15 and was scheduled to end on Mar 15. The company has also raised prices of long steel products like beams, rails, channels, TMT bars by 500 rupees per tn while prices of plates and coils flat products have been raised by 1,000 rupees/tn.
