Credit Suisse has sharply downgraded ratings and target prices on shares of Tata Steel, Jindal Steel & Power, and JSW Steel, saying that the domestic steel sector’s risk-reward is now becoming unfavourable.
JSW reported Ebitda and PAT beat in Q4 driven essentially by lower costs even as ASP/t increase was muted at ~2%. We expect Ebitda/t to improve further from Q4 levels of c.R5,400/t as the benefits of recent steel price hikes
The 0.5% growth in Chinese production in April, on top of a 2.9% growth in March, could have an immediate impact on Indian steel producers in case the higher output, lacking domestic demand, goes to the export market
JSW Steel surprised markets on Wednesday as it reported 174.5% increase in its net profit in the January-March quarter compared to a year ago to R171.25 crore, driven by lower cost and higher other income in the quarter.
The Sajjan Jindal-led JSW Steel is not going to jump the gun on its buying interest in troubled Tata Steel's British assets, saying talks are at an exploratory stage only, and it will be cautious in taking a call.
JSW Steel, which had reported a net profit of 3.29 billion rupees in the year-ago quarter, said the latest consolidated results included a one-off charge of 21.22 billion rupees on impairment of assets.
The plant is being set up by JSW Steel on 134 acres of land, a part of the 4,006 acres that the company holds having returned 294 acres to the farmers. Unlike in Singur, land acquisition was easier in Salboni
JSW Steel’s ratings outlook has been changed to “negative” from “stable” by Moody’s Investor Services on sharp fall in steel prices and its resultant impact on the company's credit profile, even as it affirmed the
Credit ratings agency Moody's Investors Service on Tuesday changed the outlook on JSW Steel Ltd from stable to negative, while affirming its Ba1 corporate family rating and senior unsecured ratings on the steel maker.