Metal
Stocks Outlook for the week - 16 to 20.03.2015
( www.rupeedesk.in )
We expect stocks of metal companies to trade range bound
next week as expectations run high that India will impose anti-dumping duty on
some categories of stainless steel. The market will also keep an eye on
Hindalco Industries owing to developments around the company's Chairman and
Managing Director Kumar Mangalam Birla in the coal allocation case.
A special court trying the coal block allocation case
has said prima facie there was evidence that a well-planned
"umbrella-spoke" conspiracy was meticulously carried out by Hindalco,
Birla, former Prime Minister Manmohan Singh, and three others. Meanwhile, the
Directorate General of Antidumping has recommended imposing anti-dumping duty
on import of hot-rolled flat stainless steel products from Malaysia, China and
South Korea. If accepted, the suggestion will come as a relief to the local
stainless steel industry, which has been facing the brunt of rise in imports.
An Indian company such as Jindal Stainless had taken up
the issue with the Directorate General of Antidumping in March 2014 itself and
has been lobbying since with the government too.
