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http://www.kotaksecurities.com/pdf/indiadaily/indiadaily19032012.pdf
Metals & Mining
India
Relief for flats segment. The Indian Government has increased customs duty on hotrolled products to 7.5% from 5% earlier. Flat products are priced in the domestic
market on import parity basis; hence increase in duty (benefit of US$16-20/ tonne) will
prevent immediate correction in prices. Our FY2013E EBITDA forecast will increase by
9% and 1.6% for JSW and Tata Steel if companies raise steel prices. We retain our
Cautious view on steel equities due to unfavorable demand-supply dynamics. Tata Steel
is an exception due to strong near-term catalysts.
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