Stocks of all major steel producers hit a new one-year high with Tata Steel leading the pack
SAIL and Jindal Steel and Power rallied 7 per cent and 6 per cent, respectively on the BSE
Tata Steel partly-paid up shares were locked in the 10 per cent upper circuit at Rs 80.90, which was also its 52-week high on the BSE
Motilal Oswal Financial Services believes strong steel demand and prices in China, if it sustains, would be beneficial for steel prices in the region as well as India
The company reported a consolidated net profit at Rs 59 crore in Q2FY21, as against loss of Rs 197 crore in the year ago quarter
Analysts at BofA Securities have turned positive on the Indian steel sector due to higher steel prices and improving China's steel demand outlook
According to Icra, the demand environment is expected to improve somewhat in the second half of FY2020, following a likely pick-up in infra spending.
The move by the ministry through two separate notifications on September 16 is seen as an effort to reduce concerns regarding the expiry of mines.
Brokerages remain positive on profitability of Indian manufacturers
Chinese infra spending has boosted local demand, just as govt shuttered mn of tons of overcapacity
JSW, Tata Steel best-placed to gain most from the sector's re-rating