Steel companies were trading in fine fettle in early deals after Moody’s Investors Service said that Indian steel companies are expected to do better from now on as demand for steel will buck the global trend and is set to increase.
Steel Authority of India (SAIL) is currently trading at Rs. 48.05, up by 1.95 points or 4.23% from its previous closing of Rs. 46.10 on the BSE. The scrip opened at Rs. 46.10 and has touched a high and low of Rs. 48.20 and Rs. 46.00 respectively. So far 346297 shares were traded on the counter.
Tata Steel is currently trading at Rs. 386.75, up by 7.55 points or 1.99% from its previous closing of Rs. 379.20 on the BSE. The scrip opened at Rs. 380.50 and has touched a high and low of Rs. 387.75 and Rs. 379.25 respectively. So far 309965 shares were traded on the counter.
JSW Steel is currently trading at Rs. 1763.20, up by 14.55 points or 0.83% from its previous closing of Rs. 1748.65 on the BSE. The scrip opened at Rs. 1748.00 and has touched a high and low of Rs. 1766.75 and Rs. 1741.50 respectively. So far 26129 shares were traded on the counter.
Moody’s Investors Service said that Demand from India and Southeast Asia will increase. However, this hike will be insufficient to offset the decline in China, which accounts for 70% of the Asian steel consumption. Chinese production will likely contract 3-4% in the next 12 months.
