BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Our outlook for metal stocks under coverage remains cautious to negative for CY21. We rate all metal stocks at either hold /reduce /sell. The current margins, valuations clearly tell a story of caution.
Chinese demand stimuli, artificial raw material shortages through restrictions on scrap imports (helping all the commodities - iron ore and aluminium in particular) sustain the rally for now.
Deleveraging, as a theme, is important but overhyped given such cyclically high margins, valuations.
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