SENSEX
NIFTY 50
Hang Seng
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MCX GOLD DEC 05
MCX SILVER DEC 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD DEC 05
MCX SILVER DEC 05
MCX CRUDEOIL NOV 16
MCX NATURALGAS OCT 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Closing Bell: Sensex, Nifty slip over 1 percent; metals, banks drag

Asian stocks edge higher, Aussie in demand on recovery signs

Today's stock tips by Sudarshan Sukhani, Mitessh Thakkar

Rupee slumps 27 paise to 72.99 against US dollar in early trade

Phillip Capital expects 20-25% upside in Tata Steel, SAIL, JSPL

Updated : January 13, 2021 12:44 PM IST

The fourth quarter is usually the best season for metals in terms of volumes, said Vikash Singh, Vice President, Metals and Mining, at Phillip Capital.

“I am still betting my money on integrated steel companies. So my picks are Tata Steel, Steel Authority of India Ltd (SAIL) and then Jindal Steel and Power Ltd (JSPL). We are expecting at least 20-25 per cent upside even from current level in terms of these three companies,” Singh said.

He believe that the JSW Steel would get benefitted in this rising scenario even though valuation wise it is a little bit stretched. "Also, we are considering that there is a possibility of another Rs 20,000 crore getting added because of Bhushan Power and Steel acquisition. So there we are not that comfortable in terms of fresh buying,” he said.

“In Q2 we see the volume bouncing back, in Q3 we highlighted the higher realisation and in Q4 we might see the combination of volume as well as higher realisation. So the good is getting better but best is yet to come,” he said.

“Not the entire price hike is getting factored in the current target price of most of the companies. Q3 cumulative price hike in HRC is over Rs 18,000-19,000 per tonne, a large part or at least 50 per cent or more is yet to get factored in in total in the financial number and that would bring in a lot of deleveraging possibilities also because of the very strong cash flows,” he added.

According to him, domestic steel prices are still a bit cheaper compared to export prices. “There is a possibility, we may see that these prices may sustain at these levels or can have a slightly higher improvement even from current levels."

For entire interview, watch the video...

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