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Expects non-ferrous metal firms to do better than ferrous in Q1, says Edelweiss Securities

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Expecting non-ferrous metal companies to do better than ferrous in the first quarter on back of sustained uptick in the steel prices, said Amit Dixit of Edelweiss Securities.

Expecting non-ferrous metal companies to do better than ferrous in the first quarter on back of sustained uptick in the steel prices, said Amit Dixit of Edelweiss Securities.
In an interview to CNBC-TV18, Dixit said quarter two would be a challenge for the non-ferrous metal companies.
For Tata Steel, Edelweiss Securities expects $69 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), which is 39 percent growth year-on-year (YoY).
While for JSW Steel, the EBITDA would be $49 billion, a growth of 89 percent YoY. Both JSPL and SAIL would also post profit at net level, said Dixit.
Dixit said, Hindalco is also expected to post a moderate growth in EBITDA and so would Vedanta on back of operating leverage, because of zinc and oil prices sustaining.
The house is positive on Tata Steel, followed by Hindalco and then JSW Steel.
According to him, National Mineral Development Corporation (NMDC) at the current levels is worth a buy.