Big Billion Days
Sunflag up 73% in April; Co says scrip movement market-driven
Upon seeing such a sharp rally in prices, the stock exchanges have sought clarification from the company. In reply, Sunflag said the company has been in compliance with all the SEBI rules and has made all the necessary disclosures before the stock exchanges as per the provisions of the listing regulations.
Firm demand, low global inventory to keep aluminium prices elevated: ICRA
A low inventory level of aluminium globally amid tight demand-supply situation in addition to any potential sanction on Russian aluminium exports are expected to aggravate the availability of the commodity in the rest of the world, and thereby keeping its prices at an elevated levels till normalcy is restored, rating agency ICRA said in a report.
Metal Mayhem: EV, steel industry to take hit over soaring nickel prices
Production of batteries for electric vehicles as well as stainless steel, paint and alloy-based industries are expected to take a hit, as prices of a key raw material -- nickel -- have zoomed over 100 per cent in the past few days. The Russia-Ukraine crisis has triggered the shortage which in turn led to a massive spike in prices. On Tuesday, nickel prices surged as much as 111 per cent to trade briefly above $100,000 a tonne.
India's Dec 2021 industrial production eases sequentially, YoY
The Index of Industrial Production (IIP) for December 2021 rose by only 0.4 per cent from a rise of 1.34 per cent reported for November 2021. Similarly, the production rate was lower on a year-on-year basis. In December 2020, the IIP had risen by 2.2 per cent.
Massive capex push buoys infra, cement, steel stocks on B-Day
The shares of infrastructure company Larsen & Toubro rose over 4 per cent, whereas realty major DLF rose over 3 per cent. Steel maker JSW Steel rose nearly 4 per cent, whereas the Steel Authority of India rose 5 per cent. In the cement space, Shree Cement rose 5 per cent, ULtraTech Cement 4 per cent, Ambuja Cement 4 per cent, and The Ramco Cements over 3 per cent. The stocks of Housing finance company Aavas Financiers rose 6 per cent.
POSCO & Adani sign MoU for integrated steel mill
The non-binding MoU signed between POSCO and Adani intends to further collaborate at the group business level in various industries such as renewable energy, hydrogen, and logistics in response to carbon reduction requirements. Both parties are examining various options to cooperate and leverage the technical, financial, and operational strengths of each company.
Odisha approves AM/NS's Rs 1.02 lakh cr steel plant project
The High-Level Clearance Authority, headed by Chief Minister Naveen Patnaik, gave its nod to the proposal under which the company plans to set up a 24 million tonnes per annum (MTPA) integrated steel plant at Mahakalpara block of Kendrapara, an official statement said.
Indian steel prices to fall by 10%-15% in 2022
The spread between India domestic and China domestic HRC prices blew out to $220/mt on November 15, the highest level since April 2017, according to Platts data. Since late 2017, there has been a close correlation between Indian and Chinese steel prices. The two prices diverged in October this year but have subsequently started to narrow again.
Indian stainless steel sector drowning in Chinese imports
The import tide of stainless steel from China and Indonesia is fast turning into a deluge destroying many companies on its way, and threatening the very existence of the small, medium and micro industries in India. After all, the first half of 2021-22 witnessed a staggering 185% increase in import volumes of stainless steel flat products compared to the average monthly imports in the last fiscal.
Higher input costs to impact steel cos' profitability from Q3FY22: ICRA
Coking coal is one of the key inputs used in the sector. "Input cost pressures for domestic mills could moderate somewhat towards the later part of Q4 FY2022, as seaborne coking coal prices have declined by 20 per cent since the highs of mid-November 2021, the benefit of which would slowly get reflected in mill margins after a lag of two-three months," the agency said.
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