Positive on Tata Steel, JSPL as cyclical tailwinds in steel sector too strong to ignore: ICICI Securities
Updated : December 17, 2019 12:13 PM IST
ICICI Securities in its recent report said that they are more constructive in the steel sector in CY20.
It further added that the valuations of the steel stocks have bottomed out. Most of the stocks have returned 30-50 percent after testing P/B of 0.5x or below.
The brokerage expects the steel demand outlook to be positive in China to the extent of ~5 percent assuming that the government is strongly promoting gains in fixed-asset investment.