Metals & Mining 3QFY15E Results Preview :: HDFC Securities

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Coal India
 Strong despatches (+6% QoQ) and improvement in pricing (weak base
in 2Q due to old inventory sale) will drive the performance in 3QFY15
(EBITDA/t : 467/t; 14% YoY)
 Despite the overhang of likely stake sale, we remain constructive on
the stock given the strong operational leverages likely to play out.
JSW Steel
 Steel prices remained soft during 3Q. EBITDA margins are expected to
decline by ~250bps
 We remain positive on the stock, given the structural improvements
resulting from recent and ongoing capital expenditure should help the
company improve operating margins
NMDC
 NMDC is likely to report weak volumes given disruptions at clients
end on account of cyclone in September. Pricing remains under
pressure due to import threat .
 We remain cautious on NMDC, given the transient nature of pricing
strength, not supported by overall macro.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010604