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 Direct Report
For Q4 FY21E, we expect domestic steel companies to report a robust quarter, driven by higher steel prices.
For the quarter, on a sequential basis we expect blended realisation of steel companies to be higher in the range of Rs 5000-7000/tonne (for our coverage universe).
Subsequently, on a QoQ basis, for our coverage universe, we expect Ebitda/tonne of steel companies to increase in the range of Rs 3000-6000/tonne.
Even on the non-ferrous front, on a QoQ basis, zinc, lead and aluminium prices are up 5%, 6% and 9%, respectively.
The uptick in base metal prices augurs well for the operating margins of non-ferrous players.
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