Analysts are advising a cautious stance on the steel sector due to a combination of factors. The major one is that China has maintained momentum on steel exports in CY24 and there could also be domestic over-supply in the medium-term. Trade data for Jan-Feb’24 shows that China’s finished steel exports rose 31 per cent year-on-year (Y-o-Y) to 15.9 MT.
Posts tagged Rediff
Despite odds, Russian crude flow to India may continue (22-03-2024)
Despite discounts on Russian crude oil – which fell to the lowest since the Ukraine war began – and the rising sanctions, import volumes from the country will remain stable for now or at least till July, said refinery officials. “There is an appetite for Russian crude, and shipments are not expected to taper off beyond this point unless something major happens. “Talks are on, and buying will continue,” an official at a major refinery said.
Can sell-off in mid- and small-cap spread to large-caps? (22-03-2024)
Tracking losses in the broader market that has seen the Nifty Smallcap 250 index and the Nifty Midcap 100 indices slip 9 per cent 6.1 per cent in the last three sessions, the frontline Nifty 50 index has remained resilient and registered a fall of 2.2 per cent during this period. Going ahead, can the nervousness in the mid- and small-cap universe spread to the large-cap peers? Most analysts do not think so. They expect a minor dip and a sharp recovery as investors flock to the large-caps in search of safety and value buying as the mid-and small-caps falter.
M and M, Adani Total join hands for EV charging infra (21-03-2024)
Mahindra and Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country. The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard. The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country, it added.
M and M, Adani Total join hands for EV charging infra (21-03-2024)
Mahindra and Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country. The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard. The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country, it added.
Base effect to hit life insurers’ March biz (21-03-2024)
New business premium (NBP) growth of life insurers in March is expected to be weak owing to the high base effect in the year-ago period due to revision in taxation norms for high-value policies, insurers said. In the Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit-linked insurance plans or Ulips) with an aggregate premium exceeding Rs 5 lakh would be taxed. This rule came into effect on April 1, 2023. In March 2023, the NBP of life insurance companies witnessed a strong growth after the tax announcement. Premiums rose by 14.45 per cent year-on-year (Y-o-Y) to Rs 59,608.83 crore in March 2023 from Rs 52,081.12 crore.
Base effect to hit life insurers’ March biz (21-03-2024)
New business premium (NBP) growth of life insurers in March is expected to be weak owing to the high base effect in the year-ago period due to revision in taxation norms for high-value policies, insurers said. In the Budget, Finance Minister Nirmala Sitharaman proposed that insurance policies (excluding unit-linked insurance plans or Ulips) with an aggregate premium exceeding Rs 5 lakh would be taxed. This rule came into effect on April 1, 2023. In March 2023, the NBP of life insurance companies witnessed a strong growth after the tax announcement. Premiums rose by 14.45 per cent year-on-year (Y-o-Y) to Rs 59,608.83 crore in March 2023 from Rs 52,081.12 crore.
Sensex, Nifty surge nearly 1% amid global rally (21-03-2024)
From the Sensex basket, NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra and Larsen and Toubro were the biggest gainers. Bharti Airtel, Maruti, ICICI Bank and Asian Paints were the laggards.
CCI refuses to pass interim order restricting Google (21-03-2024)
The Competition Commission of India (CCI) on Wednesday declined an interim relief order that would restrain Google from levying service fees on app developers until a final decision is made by the regulator. The CCI also said the Director General (DG) would continue its investigation as ordered by the commission in its March 15 order. “The Commission is of the considered opinion that no case whatsoever has been made out by the informants which warrant the grant of interim relief. Resultantly, the applications stand dismissed,” said the CCI while rejecting the plea by app developers in its order.
Slow capex growth may halt cement stocks’ rally (21-03-2024)
The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.