Metal Stocks Outlook for the week - 28.08.2017 to 01.09.2017
Metal Stocks Outlook for the week - 28.08.2017 to 01.09.2017
( www.rupeedesk.in )
The shares of metal and mining companies are likely to be volatile next week, similar to the trend expected in the broader market, as traders close positions in the current derivatives series ahead of its expiry. The shares of Hindalco Industries, which gained over 1% this week, and outperformed
both the Nifty 50 and the Nifty Metal index, could extend gains next week if aluminium prices on the London Metal Exchange remain robust. Hindalco's shares are likely to gain 15-18% over a three-month period believes ICICIdirect.com, which recommends buying the stock due to its strong fundamentals and strength on technical charts. Tata Steel and JSW Steel will be in focus amid talk that these steel majors are eyeing the buyout of distressed assets in the steel space. Earlier this week, reports said that the Tata group company has expressed preliminary interest in buying out the debt-ridden Essar Steel and its assets. Essar Steel currently has a net debt of 360 bln rupees. The strength in the steel space will also be aided by data which showed that global crude steel production rose over 6% on year to 143.2 mln tn in July.
Source : Cogencis Information Services Ltd.
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Metal Stocks Outlook for the week - 28.08.2017 to 01.09.2017
( www.rupeedesk.in )
The shares of metal and mining companies are likely to be volatile next week, similar to the trend expected in the broader market, as traders close positions in the current derivatives series ahead of its expiry. The shares of Hindalco Industries, which gained over 1% this week, and outperformed
both the Nifty 50 and the Nifty Metal index, could extend gains next week if aluminium prices on the London Metal Exchange remain robust. Hindalco's shares are likely to gain 15-18% over a three-month period believes ICICIdirect.com, which recommends buying the stock due to its strong fundamentals and strength on technical charts. Tata Steel and JSW Steel will be in focus amid talk that these steel majors are eyeing the buyout of distressed assets in the steel space. Earlier this week, reports said that the Tata group company has expressed preliminary interest in buying out the debt-ridden Essar Steel and its assets. Essar Steel currently has a net debt of 360 bln rupees. The strength in the steel space will also be aided by data which showed that global crude steel production rose over 6% on year to 143.2 mln tn in July.
Source : Cogencis Information Services Ltd.
