Tag: metal stocks

JSW Steel hits 11-month low, Nifty Metal declines on demand concerns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of JSW Steel plunged almost 3.5 percent to hit their nearly 11-month low of Rs 274.85 in trade on Tuesday. The stock has been losing for the last three days and has fallen more than 4 percent in the period.

The stock took a beating today after the International Monetary Fund (IMF) cut the global growth forecast for 2019, rekindling concerns over global demand for steel products.

The global agency lowered its growth forecast by 20 basis points with the global economy growth pegged at 3.5 percent in 2019. This is the second time the IMF has cut its forecast for global growth in four months.

One basis point is a hundredth of a percentage point.

JSW Steel shares have fallen 10 percent in the last 30 days amid ongoing uncertainty over geopolitical and trade concerns.

The large-cap steel stock has under-performed the broader market, which has risen over one percent during the same period.

The one year return on JSW Steel is mildly lower, while the stock has returned over 1300 percent in the last one decade.

JSW Steel was the top drag on the Nifty Metal along with Vedanta, Hindustan Zinc, Tata Steel, Sail and others falling between 0.09 percent and 4.16 percent.

The 15-share sectoral gauge declined by 2.15 percent, trading at 2,882.60 at 2.24 pm with only NMDC advancing by 0.33 percent.

Also, catch all the action and updates in our Market Live blog.

(With inputs from agencies)

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yes Bank looks ‘very attractive’ but in no hurry to buy the stock, says Prabhudas Lilladher

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Dilip Bhat, joint MD at Prabhudas Lilladher, spoke to CNBC-TV18 about the market fundamentals and shared his outlook on specific stocks and sectors.

“The tailwind in the pharmaceutical sector due to rupee depreciation is wearing off,” said Bhat. “This quarterly results, the way most of the frontline pharmaceuticals have played out, it appears that the recovery is still couple of quarters away.”

Talking about Sun Pharmaceutical in particular, Bhat said, “You can think about a contrarian view that maybe next three to four quarters it may not go anywhere. However, on a risk return basis, the downside appears to be limited. So as a defensive portfolio you may think about buying, but certainly not for any proactive gains that you may be thinking about. Sun Pharmaceutical at the moment from our perspective still is a wait and watch.”

With regards to Yes Bank, Bhat said, “There are too many news which has an overwhelming impact on the stock which refuses to go away, some of this news, and they keep on coming very frequently. So, given the complete situation, Yes Bank, there is no need to hurry to buy the stock. Though it looks very attractive and it may give certain good sudden spurts and sudden big rises, given the scenario in which we are operating at the moment, it is better to wait and watch and not be in a hurry to buy Yes Bank.”

On the metals front, Bhat said that one needs to be more careful on the commodities as they have become more volatile.

“In the Indian perspective and given the production and given the tariffs that exist in India, Tata Steel appears to be a good play in the metal space. Jindal Steel and Power also appears to be pretty good,” Bhat added.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow