Metal stocks touched fresh 52-week lows on Friday. Tata Steel, ahead of its results declaration, declined a whopping 6.5 per cent to Rs 195 while Hindalco plummeted 15.2 per cent to Rs 44.75.
Analysts point out that Tata Steel in its standalone operations (mainly domestic) is expected to report 36 per cent growth in net sales to Rs 6500 crore, driven by 32 per cent year on year growth in realisations and 4.1 per cent YoY growth in volumes.
Net profit for the second quarter ended September is forecast to rise 44 per cent y-o-y to Rs 1683 crore. However, the underlying concern is with regard to its European subsidiary Corus and its high exposure to spot steel prices.
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