Metal Stocks Outlook for the week -- 05 to 09.May.2014
Stocks
of metal companies are expected to trade subdued next week due to the continued
weak
sentiment harrowing the sector. Any relief to the sector will only flow in
after the
election
results, with the expectations of a stable government.
On
Monday, the Supreme Court observed that 40 of the total 56 iron ore mines in
Odisha
are
operating under deemed-renewed leases, and may have to stop operations. The
court
had
named seven mines of Tata Steel, three of Steel Authority of India and one of
Jindal
Steel
and Power as operating under the deemed extension.
Jindal
Steel and Power and power was dealt another blow when the company doubled its
capital
expenditure guidance for 2014-15 (Apr-Mar) to 50-60 bln rupees from 30 bln
rupees,
raising concerns about the pile-up of debt in the company.
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