Metal Sector Weekly Report – 06.11.2017 To 10.11.2017
Metal Sector Weekly Report – 06.11.2017 To 10.11.2017
Stocks of most metal and mining companies are seen positive next week, in line with the broader market. While earnings of major companies in the sector have been detailed, a few will take cues from their Jul-Sep earnings next week. Jindal Steel and Power will detail its earnings on Monday, while Steel Authority of India will do so on Thursday. Jindal Steel is seen reporting a consolidated net loss of 5.19 bln rupees, as against a consolidated net loss of 7.46 bln rupees a year ago, and loss of 3.87 bln rupees a quarter ago. The Steel Authority of India is seen in the red on a standalone basis, where we expecting the company to post a loss of 2.22 bln rupees. This compares to a loss of 7.32
bln rupees in the year ago period, and 8.01 bln rupees in Apr-Jun.
The Nifty Metal index is underperformed benchmark index this week, after outperforming for five weeks in a row. Next week, we are expected to retain their positive momentum. We remain particularly positive on stocks of zinc and aluminium producers, who have had a strong run so far this year.
The shares of Vedanta, Hindalco Industries, National Aluminium Co and Hindustan Zinc have gained 21-77% so far this year, in anticipation of higher prices coupled with a deficit for both these metals.
The Chinese government's crackdown on illegal aluminium capacity and winter shutdowns of up to 30% in major aluminium producing provinces from November 15 - March 15 is further expected to worsen this deficit. Cost push and low inventory levels are also likely to keep prices stable.
Source : Cogencis Information Services Ltd.
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Metal Sector Weekly Report – 06.11.2017 To 10.11.2017
Stocks of most metal and mining companies are seen positive next week, in line with the broader market. While earnings of major companies in the sector have been detailed, a few will take cues from their Jul-Sep earnings next week. Jindal Steel and Power will detail its earnings on Monday, while Steel Authority of India will do so on Thursday. Jindal Steel is seen reporting a consolidated net loss of 5.19 bln rupees, as against a consolidated net loss of 7.46 bln rupees a year ago, and loss of 3.87 bln rupees a quarter ago. The Steel Authority of India is seen in the red on a standalone basis, where we expecting the company to post a loss of 2.22 bln rupees. This compares to a loss of 7.32
bln rupees in the year ago period, and 8.01 bln rupees in Apr-Jun.
The Nifty Metal index is underperformed benchmark index this week, after outperforming for five weeks in a row. Next week, we are expected to retain their positive momentum. We remain particularly positive on stocks of zinc and aluminium producers, who have had a strong run so far this year.
The shares of Vedanta, Hindalco Industries, National Aluminium Co and Hindustan Zinc have gained 21-77% so far this year, in anticipation of higher prices coupled with a deficit for both these metals.
The Chinese government's crackdown on illegal aluminium capacity and winter shutdowns of up to 30% in major aluminium producing provinces from November 15 - March 15 is further expected to worsen this deficit. Cost push and low inventory levels are also likely to keep prices stable.
Source : Cogencis Information Services Ltd.
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