Wed, Feb 28, 2024 4:23 PM
Rupee falls 3 paise to settle at 82.92 against US dollar!
A Flip by Riya Sharma
Jindal Steel and Power stock rose 3% in the morning session after the company's results for the March quarter impressed the brokerages. What Happened: Jindal Steel and Power's net profit surged over 100% year-on-year to ₹933 crore in the quarter. The company's gross revenue fell to ₹15,749 crore from ₹15,797 crore in the same quarter last year.
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FII holdings in NSE-listed companies has declined to an 11-year low of 17.7% at the end of the March quarter. The DIIs, with inflows of nearly ₹1 lakh crore, have brought their holdings of these companies, to almost at par with their foreign counterparts. Lets take a look at these five companies: ✅Dixon Technologies ✅Tips Industries ✅Aavas Financiers ✅Pricol ✅PSP Projects.
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ICICI Securities expects domestic steel consumption to grow 2x to 210 mt (FY23 baseline) by FY32E. Among steel companies, it expects JSW Steel and Tata Steel to reach 50 mtpa and 40 mtpa of domestic capacity, each by FY30E. It also estimates SAIL to reach 31 mtpa by FY31E. Additionally, after 30 years, China’s role in world steel consumption is expected to diminish.
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