Metals & Mining
India
2QFY13E preview—metal stocks stare at weak operational quarter. We expect a
weak operational quarter for Indian metal and mining names due to (1) a decline in
commodity prices—1-3% in non-ferrous and 9-13% in the steel segment, and (2)
increase in conversion costs. Reported net profit may however appear better on forex
gains on unhedged FX borrowings. JSPL would be the only company to report yoy and
qoq growth in earnings. We retain our Cautious coverage view on the sector.
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily05102012oo.pdf
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily05102012oo.pdf
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