Metal Stocks Outlook for the week – 02 to 06.11.2015
Seen
consolidating; Tata Steel, SAIL eyed
Stocks
of major metal and mining companies are seen consolidating in the upcoming
week
on the back of depressed global commodity prices and weak financial performance
of
the companies in the September quarter. CNX metal index would trade in a very
narrow
range. Metals sector continues to remain weak fundamentally.
Some
minor pullback can also be seen among the stocks of metals and mining companies
in
the week ahead. The Street would also eye stocks of Tata Steel and Steel
Authority of
India
as the companies are going to detail their Jul-Sep earnings next week. Analyst
estimates
on SAIL's September quarter net loss varied between 14.33 bln rupees and 174
mln
rupees. Market Participants are divided in their expectations of Tata Steel's
bottomline
for Jul-Sep, with estimates ranging from a 4.42-bln-rupee loss to a profit of
32.13
bln rupees. Stocks of SAIL would remain weak in the upcoming week.