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Steel stocks are seen rangebound next week due to lack of any major triggers. Nifty major Tata Steel will be eyed as the company will detail its earnings on Wednesday. The index closed at 2320.05 today. Tata Steel is seen reporting a Jul-Sep consolidated profit of 3.16 bln rupees, down almost two-fold on a year-on-year basis, while net sales is seen rising 3% on a year-on-year basis to 349.28 mln rupees. On a quarterly basis, consolidated net profit of the company is seen falling 72% while revenue is seen rising 7%.
Yesterday that Tata Steel's quarter-on-quarter decline is just a seasonal factor and recommends a buy-on-weakness strategy as the brokerage expects the upgrade cycle to begin for the company soon in spite of the stock rising almost 80% since August.
Steel stocks are seen rangebound next week due to lack of any major triggers. Nifty major Tata Steel will be eyed as the company will detail its earnings on Wednesday. The index closed at 2320.05 today. Tata Steel is seen reporting a Jul-Sep consolidated profit of 3.16 bln rupees, down almost two-fold on a year-on-year basis, while net sales is seen rising 3% on a year-on-year basis to 349.28 mln rupees. On a quarterly basis, consolidated net profit of the company is seen falling 72% while revenue is seen rising 7%.
Yesterday that Tata Steel's quarter-on-quarter decline is just a seasonal factor and recommends a buy-on-weakness strategy as the brokerage expects the upgrade cycle to begin for the company soon in spite of the stock rising almost 80% since August.
