Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>On March 19, 2025, India's Directorate General of Trade Remedies (DGTR) recommended a 12% provisional safeguard duty on imports of certain steel products for 200 days.</li>
<li>Past measures have produced mixed results but given the massive expansion plans of most large steel majors they have been aggressively lobbying for its implementation.</li>
<li>Outperformance to continue? <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a>,<a href="https://www.smartkarma.com/entities/tata-steel-ltd" target="_blank" data-smartkarma-citation="entities:20934:1" rel="noopener">Tata Steel Ltd (TATA IN)</a> ,<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>have significantly outperformed benchmark Nifty over the last 6 months despite weak earnings.</li>
</ul>


On March 19, 2025, India's Directorate General of Trade Remedies (DGTR) recommended a 12% provisional safeguard duty on imports of certain steel products for 200 days.
Past measures have produced mixed results but given the massive expansion plans of most large steel majors they have been aggressively lobbying for its implementation.
Outperformance to continue? JSW Steel Ltd (JSTL IN),Tata Steel Ltd (TATA IN) ,Jindal Steel &amp; Power (JSP IN)have significantly outperformed benchmark Nifty over the last 6 months despite weak earnings.


Steel: New Safeguard Measures Imply Outperformance Could Continue.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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<ul><li>The Indian steel sector has been a shining star in an otherwise dull global landscape</li><li>Steel demand in India has been growing at a solid pace, consistently outpacing other major economies</li><li>In fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economies</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Indian steel sector has been a shining star in an otherwise dull global landscapeSteel demand in India has been growing at a solid pace, consistently outpacing other major economiesIn fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals: Steel-Ing the Show! India’s Metal Momentum

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Indian media firms, including NDTV, Network18, and the Indian Express, filed a lawsuit against OpenAI, accusing the company of scraping their content to train AI models without proper copyright permission.</li>
<li>
<a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a>  lost a Rs 70,000 crore tender for building six submarines after its bid was deemed non-compliant by the Defence Ministry.</li>
<li>UBS is in advanced talks with India's 360 One WAM to form a joint venture aimed at expanding its wealth management presence in India, a rapidly growing market for HNI.</li>
</ul>


Indian media firms, including NDTV, Network18, and the Indian Express, filed a lawsuit against OpenAI, accusing the company of scraping their content to train AI models without proper copyright permission.

Larsen &amp; Toubro (LT IN)  lost a Rs 70,000 crore tender for building six submarines after its bid was deemed non-compliant by the Defence Ministry.
UBS is in advanced talks with India's 360 One WAM to form a joint venture aimed at expanding its wealth management presence in India, a rapidly growing market for HNI.


#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

<ul>
<li>Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. </li>
<li>Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. </li>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (0656504D IN)</a> is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. </li>
</ul>


Karnataka's proposed mineral tax will significantly impact iron ore miners and the steel industry, potentially raising production costs and impacting profitability. 
Larsen &amp; Toubro's (L&amp;T) recent ₹10,000 crore order for K9 Vajra-T artillery platforms signifies the company's strength in the defense sector. 

Waaree Energies (0656504D IN) is accelerating India's renewable energy goals with strategic investments in electrolyzer, lithium-ion storage, and inverter solutions. 


#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

<ul>
<li>JSW Steel Reports 5% YoY Production Growth Amid Financial Pressure.</li>
<li>Vodafone Idea to Raise INR 1,980 Crore via Preferential Shares.</li>
<li>Metropolis Healthcare to Acquire Core Diagnostics for INR 247 Crore</li>
</ul>


JSW Steel Reports 5% YoY Production Growth Amid Financial Pressure.
Vodafone Idea to Raise INR 1,980 Crore via Preferential Shares.
Metropolis Healthcare to Acquire Core Diagnostics for INR 247 Crore


# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

Steel: New Safeguard Measures Imply Outperformance Could Continue.

India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

Rahul Jain

Metals: Steel-Ing the Show! India’s Metal Momentum

The Indian steel sector has been a shining star in an otherwise dull global landscape. Steel demand in India has been growing at a solid pace,...

HDFC Securities

#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...

Sudarshan Bhandari

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

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Steel: New Safeguard Measures Imply Outperformance Could Continue.

​India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

Rahul Jain

Metals: Steel-Ing the Show! India’s Metal Momentum

The Indian steel sector has been a shining star in an otherwise dull global landscape. Steel demand in India has been growing at a solid pace,...

HDFC Securities

#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

​Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...

Sudarshan Bhandari

#73 India Insight: Iron Ore Taxed, Waaree’s 2000 Cr Investments in EV Batteries, Adani’s Acquisition

​Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

Sudarshan Bhandari

# 72 India Insight: VI Preferential Issue, JSW Production Growth, Metropolis Acquisition of Core

​JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.

Sudarshan Bhandari

India's DGTR recommends 12% safeguard duty on steel imports, large steel companies lobbying for it, JSW Steel, Tata Steel, and Jindal Steel have...

Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...

Karnataka's mineral tax may impact iron ore miners and steel industry, L&T's ₹10,000 crore defense order showcases strength, Waaree Energies...

JSW Steel sees production growth, Vodafone Idea to raise funds through Preferential issue, Metropolis Healthcare acquires Core Diagnostics.