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Thursday, March 07, 2013

Steel Authority of India Ltd: Chinese Demand To Lift The Steel Prices
According to media reports, the Finance Minister's budget proposal to offer an additional interest deduction of Rs.1 lakh on housing loans of upto Rs.25 lakh taken by first time home buyers from housing finance companies and banks will increase demand for steel and cement and help boost new home ownership. The move is clearly aimed at raising the demand for core sector commodities like steel and cement which has been facing sluggish growth in the recent months. 
Construction sector is one of the biggest consumers of steel in the country. In particular the budget proposal will create demand for long steel products like TMT bars and rods, angles and channels that find use in construction activity. This will benefit that only large steel companies like Steel Authority of India Limited, Tata Steel, RINL but also come as a shot in the arm for a host of mid-sized steelmakers and TMT manufacturers like SRMB, Shyam Steel.
Moreover, the thrust on new projects like dedicated freight corridor in Railway Budget 2013 is likely to boost steel consumption as Railways are one of the biggest consumers of steel in the country.
The Rail Budget has a 20% higher plan outlay of Rs.63,360 crores in FY14, over this year estimated, which augurs well in enhancing the railway infrastructure, which is need of the hour. For the steel and mining industry, the last mile connectivity planned for some ports and mines will facilitate the competitiveness of the industry. The investment planned by Indian Railways in the 12th Five Year Plan of Rs one lac crore, through the public-private partnership (PPP) mode is eagerly awaited by the steel industry. The thrust of the rail budget on new projects like DFCC, new coach manufacturing plants, up-gradation of stations, doubling of lines/ gauge conversion will boost steel consumption as Railways are one of the largest consumers of steel in the country.

Therefore, an increased investment by Indian Railways will spur steel consumption at a time, when large capacities for steel are being installed by SAIL, which shall be beneficial to the company.
Buy at the CMP of Rs.70.45, for a price target of Rs.81-86, which I think will be achieved within this week.