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Informist, Thursday, Oct. 31, 2024

MUMBAI – Shares of metal companies are expected to rise further over the next week owing to robust earnings by select companies, but they may also track the benchmark indices amid overall weakness in the market, analysts said. Investors will react to the quarterly earnings of some major steel companies, Tata Steel Ltd. and Jindal Steel & Power Ltd., which are scheduled next week.

The September quarter earnings of metal companies were largely good, which is a positive for these stocks in the near term, analysts said. Within metals, stocks of aluminium players are expected to see some positive traction after these companies posted strong earnings for the quarter, a research analyst at a domestic brokerage said. However, shares of steel companies are likely to underperform, particularly due to disappointment over weak quarterly numbers by these companies, the analyst added.

Tata Steel's consolidated revenue in the September quarter is expected to take a hit because of lower steel prices, but this impact could be offset partially by higher momentum in volume growth, according to analysts. Jindal Steel & Power is also expected to report an on-year decline in its top line for the September quarter. Besides Tata Steel and Jindal Steel & Power, Shyam Metalics and Energy Ltd. and Usha Martin Ltd. are also expected to report their September quarter earnings next week.

The Nifty Metal index was among the top-gaining sectoral indices this week. The index gained over 3%, while the benchmarks were largely unchanged. This week, shares of Adani Enterprises Ltd., Ratnamani Metals & Tubes Ltd., and NMDC Ltd. were the top gainers in the Nifty Metal index.

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* Analyst Concall: APL Apollo expects 10% QoQ top line growth in coming qtrs
* RITES in MoU with SAIL Bokaro unit for rail project management consultancy
* Earnings Review: APL Apollo Tubes Jul-Sept consol PAT down on inventory loss
* JSW Group signs MoU with Korea's POSCO group to set up steel plant in India
* Moody's upgrade Vedanta Resources corporate family rating to B3 from Caa1
* Earnings Outlook: APL Apollo Tubes consol PAT seen down 47% on year, 45% QoQ
* Earnings Outlook: Jindal Steel volume, revenue seen sliding back in Jul-Sept
* Godawari Power Jul-Sept consol net profit falls 38.1% on year, sales dn 1.8%
* Analyst Concall: JSW Steel sees Oct-Dec net realisation similar to Jul-Sept
* Earnings Review: JSW Steel reports worst revenue fall in 17 qtrs, volume dn
 

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

End

Reported by Alina Geogy

Edited by Rajeev Pai

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