Hindustan Zinc quarterly Result profit rises 81 percent

 Hindustan Zinc Ltd , India's biggest zinc miner, posted an 81 percent jump in quarterly profit on Thursday, boosted by higher income from zinc operations and an increase in the metal prices.

Net Profit rose to 18.76 billion rupees ($291.16 million) in its fiscal first quarter ended June 30 from 10.37 billion rupees a year earlier, the company, which is a unit of Vedanta Ltd

India steel ministry says increased Canadian coking coal import likely

NEW DELHI - India plans to increase its import of coking coal from Canada in a bid to diversify its import basket, the steel ministry said in a statement on Wednesday.

India was in talks with Canada's Teck Resources Ltd for long-term purchase agreements after a cyclonic disruption in Australia cut supplies earlier this year, Reuters reported earlier this month.

Steel manufacturing cost to go up as power out of GST: Steel Ministry to PMO

The steel ministry has expressed concerns that cost of steel manufacturing will increase as electricity, being one of the major inputs, has been kept out of the Goods and Service Tax. The concerns were expressed at a recent meeting of the ministry with the Prime Minister's Office, a government official said. "Electricity being a major input for steel industry will increase the cost of

Metals and Mining Sector Update 1QFY18 - a tad weak due to lower prices, one-offs - Kotak Sec

1QFY18—a tad weak due to lower prices, one-offs.

Domestic metal names will report sequential decline in earnings led by lower prices, increased input costs and lower volumes (a few cases of outages). We expect earnings of steel companies to decline sequentially due to lower steel realization (-3-4% qoq) and use of high cost coal inventory. Earnin

18/07/2017 10:23:11 AM | Posted in Broking Firm Views - Sector Report read full news
Court dismisses Essar Steel appeal against bankruptcy proceedings

MUMBAI - The Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a central bank order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said.

The ruling is a boost to the government, which in May tweaked Indian banking laws to empower the Reserve Bank of India (RBI) to tackle the country

Tata Sponge Odisha plant gets nod to raise capacity to 425,000 tonnes

Tata Sponge Iron has received environment clearance to raise the capacity of its Keonjhar facility in Odisha to 425,000 tonnes per annum. "In May 2017, the company has received an approval from the Ministry of Environment, Forest and Climate Change, Government of India, for enhancement of DRI production by 35,000 tonne (i.E. From 3,90,000 TPA to 4,25,000 TPA) in the existing facility locat

India to overtake Japan in steel production in 2 years

India would overtake the world's second largest steel producer Japan in the next couple of years and the country has targeted to produce 300 million ton of steel by 2025-30, a senior Tata Steel official said as per the PTI report. India is currently producing 90 to 95 million ton of steel per annum against the world no.2 steel producer Japan, which produces around 103 million ton, said Dr T

Positive On Hindustan Zinc Ltd For Target Rs.301.00 - Reliance Se


* Hindustan Zinc Ltd (HZL) outperformed the Nifty Metal Index and closed 1% higher.

* The company recently announced its 4QFY17 results and delivered the best ever quarterly performance primarily on account of record mined metal volume and strong zinc prices

* Its EBITDA rose by 187% YoY and 35% QoQ to Rs37.5bn. Mined

14/07/2017 1:29:20 PM | Posted in Broking Firm Views - Short Term Report read full news
Tata Motors Group's June global wholesales down 2%

Automobile giant Tata Motors Group on Wednesday reported a decline of two per cent in its global wholesales, including Jaguar Land Rover (JLR), during June 2017.

According to the group, its global wholesales declined to 90,966 units over June 2016.

"Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in June 2017 were at 30,241 nos., lowe

Buy APL Apollo Tubes Ltd For Target Rs.2,352.00 - Religare Sec

A strong play on capacity expansion and innovation...

APL Apollo Tubes is amongst India's leading branded steel products manufacturers. The Company operates seven manufacturing facilities with a total capacity of 1.3 Million MTPA. It has pan India presence with units strategically located in Sikandarabad (3 units), Bangalore, Hosur, Murbad and Raip

12/07/2017 2:25:45 PM | Posted in Broking Firm Views - Long Term Report read full news
Metal Sector Update Chinese illegal capacity - new twist? - ICICI Sec

Chinese illegal capacity – new twist?

Reason for report: Aluminium sector update

Post our call with AZ China, the client reactions and news flows on Chinese aluminium cuts have been diverse. Since then, the various industry consultants that we have interacted have been sceptical about the strength of the “illegal

12/07/2017 10:01:24 AM | Posted in Broking Firm Views - Sector Report read full news
Tata Steel commissions its 1st 3 MW solar power plant at Noamundi

Tata Steel’s Noamundi mine became the country's first iron-ore mine to have solar plant for reducing carbon footprint. "With due consideration towards Tata Steel’s initiatives towards reducing carbon footprint, a three MW solar photovoltaic(PV) power plant has been commissioned at Noamundi and this is the first solar power plant in any iron-ore mine in the country," Ta

Steel consumption grows 4.6%, exports up 66% in April-June

India's steel consumption grew by 4.6 per cent to nearly 21 million tonne in the first quarter of the current fiscal over the same period in 2016 while the country's steel exports jumped by nearly 66 per cent in the April-June period, a Ministry report said.

"India's consumption of total finished steel saw a growth of 4.6 per cent in April-June 2017 at 20.999 mt (mill

India in talks with Canada's Teck Resources to buy coking coal - sources

NEW DELHI - India is in talks with Canada's Teck Resources Ltd, the largest North American producer of coking coal used to make steel, for long-term purchase agreements after a cyclonic disruption in Australia cut supplies earlier this year.

India has joined top buyers China and Japan to scour new markets after a powerful cyclone hit Australia that knocked out rai

Metals Sector Update Weak non-ferrous performance against expectations - ICICI Sec

Q1FY18 was characterised by weaker than expected non-ferrous performance (Vedanta, Hindalco) as slack volumes and higher costs impacted profitability – EBITDA of the pack unexpectedly drops by 28% QoQ. Top-6 steel players continue to enjoy majority of the domestic and export demand share with strong YoY volumes gains seen in Tata Steel. The month of June,’17 did witness a sharp decl

8/07/2017 2:14:02 PM | Posted in Broking Firm Views - Sector Report read full news
Buy Jindal Steel and Power Ltd For Target Rs.142.00 - Religare Sec

Jindal Steel & Power Limited

Among the Metal counters, JINDALSTEEL has been trading in a broader range for almost three months and now trading on the verge of breakout from the same. Traders can utilise this pause and initiate long positions in the mentioned range

7/07/2017 11:08:52 AM | Posted in Broking Firm Views - Short Term Report read full news

White metal shines on global cues

Silver futures were trading higher during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as the dollar eased triggered by a US Fed meeting that clouded the outlook for the future pace of interest rate hikes.

According to the minutes of the Fed's last policy meeting on June 13-14 released on Wednesday, th

Bhushan Steel fourth-quarter loss bigger than stated earlier

Bhushan Steel Ltd reported a March-quarter loss that was much bigger than stated earlier in its unaudited results, as the debt-laden steelmaker was hurt by higher costs.

Audited net loss for the quarter was 11.31 billion rupees ($174.7 million), compared with the unaudited 7.57 billion rupees loss reported in May, Bhushan Steel said late on Wednesday. http://bit.ly/2uMA0Mr


JSW Steel crude steel output rise 1% in Q1 FY18

JSW Steel said that it has registered 1 per cent growth in crude steel production at 3.91 MT in Q1FY18, compared to quarter a year ago. The company had reported crude steel production of 3.87MT in FY 17, the company said in a filing to the Bombay Stock Exchange.

The production of rolled products (flat) increased to 2.76 million tonnes (MT) compared to 2.74 MT in Q1FY17, representing a

Value addition must for imported steel before procurement

The steel Ministry has said that imported steel must undergo a minimum prescribed value addition of 15 per cent in order to be eligible for procurement by government departments. Commenting on the issue, a Steel Ministry Official told the media, "All imported steel must undergo a minimum prescribed value addition of 15 per cent ... in order to be eligible for bidding under the policy."

Essar Steel moves HC against insolvency proceedings

Essar Steel has moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI), reported PTI. The high court issued notice to the RBI and leader of the banking consortium SBI and posted the matter for Friday, media reports said. When contacted, a company spokesperson said: "Essar Steel has moved the Gujarat High Court, which ha

Neutral Tata Steel Ltd For Target Rs.581.00 - Motilal Oswal

FCF generation after seven years

Raising TP; upgrading to Neutral

Structural improvements

Tata Steel’s (TATA) business is structurally improving with (1) exit from weak businesses of long products and specialty businesses in the UK, (2) persistence to de-risk the British Pens

5/07/2017 12:06:54 PM | Posted in Broking Firm Views - Long Term Report read full news
Buy Jindal Steel and Power Ltd For Target Rs.184.00 - Motilal Oswal

Strong steel volume growth to drive turnaround

Angul expansion on track; Maintain Buy

Capacity expansion in steel at Angul to drive strong volumes growth

* Steel mill expansion at Angul is progressing well, and once completed, JSP’s India steel capacity would increase from ~5

5/07/2017 11:48:57 AM | Posted in Broking Firm Views - Long Term Report read full news