Metal
Stocks Outlook for the week – 09 to 13.05.2016
May rise next week; Tata Steel
remains in focus
( www.rupeedesk.in )
Stocks of major metal and mining
companies are seen trading slightly up next week following reports that the
government is looking at creating a fund under India's first sovereign wealth
fund to cater to the capital requirements of domestic steel companies. In
December, the government created the 400-bln-rupee National Investment and
Infrastructure Fund as an investment vehicle to fund greenfield, brownfield and
stalled projects that are commercially viable.
Traders would continue to eye shares
of Tata Steel next week as the UK government has said that it
will help Tata Steel shortlist
serious buyers for their UK operations. Till now, Sanjeev Gupta-led
Liberty House and management buyout
vehicle Excalibur Steel have submitted their letter of intent to purchase the
company's UK assets. In positive news for the sector, National Aluminium Co was
allotted coal blocks Utkal-D and
Utkal-E in Odisha by the government and will have all the rights,
titles, and interest in and
over the land of both mines.