Metals Q3 Results Preview - Miners Make Merry; Ferrous Drag: ICICI Securities

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ICICI Securities Report

While the street will start considering FY26 estimates hereon, near-term earnings risks for ferrous players cannot be brushed aside. At the beginning of Q4 FY24 (January 2024), spreads are still at a low level, though price appears to have bottomed out.

For us, the larger concern is volume uptick though our channel checks suggest that offtake has picked up in the last week of December 2023.

We expect mining companies to sustain their performance with support from both realisation and volumes.

Key picks: Coal India Ltd., Jindal Steel and Power Ltd. and Jindal Stainless Ltd.

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ICICI Securities Metals Preview Q3FY24.pdf

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Also Read: Metals, Mining Q3 Results Preview- Quarter Affected By Imports, Higher Raw Material: Prabhudas Lilladher

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