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Informist, Thursday, Nov. 14, 2024

MUMBAI – Metal stocks are seen in range next week as the demand from the Indian government is yet to pick up. Further, there is still uncertainty over demand from China, and whether the Indian government will impose anti-dumping duty on steel imports. 

"September quarter earnings were nothing great and if demand does not improve in Q3 (Oct-Dec) and Q4 (Jan-Mar), it will be a problem," Tushar Chaudhari, research analyst at brokerage Prabhudas Lilladher, said. The demand should improve as government projects begin now, but it is still not visible on the ground, Chaudhari said.

Analysts are hopeful that product prices will improve going forward. "Primary long steel prices are likely to outperform flat steel in the upcoming months, driven by seasonal demand growth and limited capacity expansion. While demand for flat steel is also set to improve, surplus capacity in this segment may prevent significant price increases," Elara Securities said in a note Wednesday.

Among major companies in the sector, Hindalco Industries reported its quarterly earnings on Monday. It managed to beat analysts' expectations and report a consolidated net profit of INR 39.09 billion, up 78% on year. Despite this, the stock was down 3.5% this week to end at INR 627.35. Analysts were cautious on the company's outlook as its international subsidiary Novelis Inc. last week withdrew its earnings guidance as they expect cost of scrap aluminium to rise further. 

TOP HEADLINES

* Awaiting outcome of auction for Codli mineral block in Goa, says JSW Steel
* Vedanta gets INR 3.2 bln penalty for Videocon's share of cess in Ravva block
* NALCO Jul-Sept PAT surges over fivefold on year to INR 10.62 billion
* Ratnamani Metals PAT falls 39.5% on year in Jul-Sept, sales down 16.2% 
* Analyst Concall: See India aluminium output cost up 1.5% Oct-Dec - Hindalco
* NMDC Steel net loss widens YoY to 5.95 billion in Jul-Sept
* Vedanta arm gets demand order of INR 1.34 bln, redemption fine of INR 1 bln
* Hindalco OKs capex of $4 bln-$5 bln over 3 yrs to grow upstream operations
* Earnings Review: Hindalco consol net profit, revenue beat Street estimates
* Hind Copper Jul-Sept net profit rises 67.2% YoY to INR 1.02 billion
* Vedanta to invest $500 mln in AvanStrate for advanced display glass solution
* JSW Steel says Coal ministry terminates Chhattisgarh coal block agreement
* Delhi HC directs govt to give 250,000 tn/year iron ore to Sunflag Iron
* Vedanta board OKs INR-52.09-bln capex for Chhattisgarh power project
* Earnings Review: Vedanta's Jul-Sept PAT beats Street, revenue dips 3% YoY
* Analyst Concall:Long steel pdt rates up post-Aug, flat steel still dn - SAIL

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 Anshul Choudhary

Edited by Tanima Banerjee

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