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Metals and Mining - Sector Update-Jul-18-EDEL PDF
Metals and Mining - Sector Update-Jul-18-EDEL PDF
Metals and Mining - Sector Update-Jul-18-EDEL PDF
Alluding to Icarus’ perilious flight very close to the Sun and meeting its
nemesis thereon, (the once seemingly invincible) metal stocks are also off
their red-hot valuations. In a situation reminiscent of FY14, we find metal
stocks in the throes of meltdown (like FY14), despite a better supply-side
environment and impending benefits of operating leverage. We see a
strengthening Dollar Index and trade brawls cutting down valuation
multiples. Accordingly, we now prefer ferrous over non ferrous; within non
ferrous, we would go with aluminium (Al) instead of zinc (Zn) as: 1)
domestic supply-side tightness augurs well for domestic ferrous plays; 2) Zn
supply woes seem to have eased even as demand remains a concern; and
3) cost push in Al supply chain would keep LME Al above USD2,000/t levels.
Ergo, we prune FY19/20E LME Zn by 8-9%, maintain LME Al estimates, raise
USD:INR to 68 (earlier 65) and 69 (earlier 66), and reduce exit multiples by
~5-17%. Our top picks are Tata Steel, Hindalco Industries and JSW Steel.
The prevalent scenario appears to be a déjà vu of FY14, with the only difference seen on the
supply side. Unlike FY14, we find bulwarks of supply firmly in place now with supply
cuts/production restraints/winter shutdowns resulting in a better supply-demand balance
compared to FY14.
2,100
1,950
(USD/t)
1,800
1,650
1,500
Q2CY12
Q3CY12
Q1CY13
Q2CY13
Q3CY13
Q4CY13
Q1CY14
Q2CY14
Q4CY12
Q3CY14
For better part of FY14, spot LME LME Al Q2CY12 Q3CY12 Q4CY12
Al prices were consistently lower Q1CY13 Q2CY13 Q3CY13 Q4CY13
than estimates Source: Bloomberg, Edelweiss research
In case of Zn, the picture was good with LME Zn being better than consensus throughout
FY14 as constrained supply started showing. Pertinently, Q3CY14 (one-year forward)
estimate for LME Zn was almost 21% lower (refer chart below) than the spot price.
(USD/t)
1,900
1,700
1,500
Q2CY12
Q1CY13
Q2CY13
Q3CY13
Q4CY13
Q1CY14
Q3CY12
Q4CY12
Q2CY14
Q3CY14
LME Zn Q2CY12 Q3CY12 Q4CY12
Q1CY13 Q2CY13 Q3CY13 Q4CY13
Source: Bloomberg, Edelweiss research
There was progressive change in EBITDA estimates to the extent of 48% in the nine quarters
to Q4FY14 for ferrous players (refer table below). Tata Steel and JSW Steel estimates were
raised following ramp up of the 2.9mtpa brown-field capacity at Jamshedpur and merger of
JSW Steel with JSW Ispat, respectively.
In case of non-ferrous, Zn fared better than Al. Following the uptick in LME Zn prices in
H2FY14, there was progressive uptick in H2FY14 EBITDA estimates for HZL. However, for
Hindalco, the decline in LME Al price resulted in progressive cut in estimates.
Table 1: Reduction in consensus earnings estimates every quarter in-line following the dip in commodity prices
EBITDA Estimates for FY14 Actual Progressive Actual vs
(INR bn) Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 (FY14) change (9 qtrs) Final est
Tata 184.9 179.6 171.9 162.0 155.0 146.4 147.5 155.3 156.4 158.5 (15.4) 1.3
JSW 71.4 72.0 75.0 74.9 72.4 69.8 74.1 83.7 87.9 89.1 23.2 1.4
JSPL 97.0 95.8 86.1 81.0 80.1 73.3 67.9 64.0 63.4 62.2 (34.7) (1.8)
SAIL 95.7 90.9 87.5 79.9 71.8 60.4 52.8 50.9 50.3 47.3 (47.5) (5.8)
HZL 73.3 72.5 70.3 70.6 70.3 67.0 68.1 70.8 70.5 70.3 (3.7) (0.4)
HNDL 107.6 102.1 99.3 96.6 92.3 88.2 86.5 85.6 85.1 81.1 (20.9) (4.7)
COAL 227.5 224.9 224.0 211.8 213.3 206.1 190.7 181.2 177.9 171.8 (21.8) (3.4)
NMDC 100.6 98.7 100.6 93.9 85.5 72.2 69.2 71.6 72.2 75.7 (28.2) 4.9
Source: Bloomberg, Edelweiss research
Almost all companies saw progressive cuts in estimates, except Tata Steel and JSW Steel
(refer table below).
Chart 3: Tata Steel & JSW Steel - Estimates raised post expansion and merger
1,500 200 550 100
TATA JSTL
1,470 188 510 92
(INR mn)
(INR mn)
(INR mn)
1,410 164 430 76
Apr-13
Apr-14
Feb-13
Feb-14
Jun-12
Jun-13
Dec-13
Dec-12
Aug-12
Aug-13
Oct-12
Oct-13
Dec-12
Dec-13
Oct-13
Aug-12
Oct-12
Aug-13
Apr-12
Apr-13
Apr-14
Feb-13
Feb-14
Jun-12
Jun-13
REVENUE EBITDA REVENUE EBITDA
Source: Bloomberg, Edelweiss research
SAIL and JSPL estimates were lowered the most as these companies are predominantly into
longs. Longs corrected more than flats in FY14 and hence revenue and profitability estimates
were cut.
540 76 224 84
(INR mn)
(INR mn)
(INR mn)
(INR mn)
510 64 216 76
480 52 208 68
450 40 200 60
Apr-12
Apr-13
Apr-14
Feb-13
Feb-14
Apr-12
Apr-13
Apr-14
Jun-12
Jun-13
Dec-12
Dec-13
Feb-14
Feb-13
Aug-12
Aug-13
Oct-12
Oct-13
Jun-12
Jun-13
Dec-12
Dec-13
Aug-12
Aug-13
Oct-13
Oct-12
Estimates of Hindalco and HZL are closely related to underlying LME Al and Zn prices,
respectively. For Hindalco, revenue was revised upwards following ramp up of rolling
production at its Pinda plant in Brazil, coupled with the mill expansions in Korea and start of
commercial production at its US automotive finishing lines at Novelis. However, EBITDA
estimates continued to decline owing to unfavourable metal-scrap spread. In case of HZL,
estimates were revised upwards following uptick in LME Zn towards H2FY14.
(INR mn)
(INR mn)
(INR mn)
(INR mn)
860 96 134 68
840 88 132 66
820 80 130 64
Apr-12
Apr-13
Apr-14
Apr-14
Apr-12
Apr-13
Feb-14
Feb-13
Feb-13
Feb-14
Jun-12
Jun-13
Dec-12
Dec-13
Jun-12
Jun-13
Dec-12
Dec-13
Aug-12
Aug-13
Oct-12
Oct-13
Aug-12
Aug-13
Oct-12
Oct-13
(INR mn)
(INR mn)
(INR mn)
Apr-13
Apr-14
Apr-12
Apr-13
Apr-14
Feb-13
Feb-14
Feb-13
Feb-14
Jun-12
Jun-13
Dec-12
Dec-13
Jun-12
Jun-13
Dec-12
Dec-13
Aug-12
Aug-13
Oct-12
Oct-13
Aug-12
Aug-13
Oct-12
Oct-13
Chart 7: We do not see Industrial Metals Index dragging down to FY16 lows
600 154
510 138
420 122
(x)
(x)
330 107
240 91
150 75
Apr-13
Feb-12
Sep-12
Mar-09
Mar-16
Jun-14
Dec-10
Dec-17
Jul-11
Oct-09
Aug-15
Oct-16
Aug-08
Nov-13
May-10
May-17
Jan-08
Jan-15
Industrial metals (LHS) Dollar index (RHS)
Source: Bloomberg, Edelweiss research
The situation is much better now. In FY14, the Dollar index rose 2.4%, while the commodity
index fell 8%. In FY19 thus far, the Dollar Index has appreciated 5%, while the Commodity
Index has also strengthened by 2.3%. The correlation between the Commodity and Dollar
Indices, if not unbroken, was significantly undermined by the supply cuts.
Chart 8: Supply cuts have seen lower impact on Industrial Metals Index in recent times
450 130
390 122
330 114
(x)
(x)
270 106
210 98
150 90
Nov-16
Nov-17
May-16
May-17
May-18
Sep-16
Sep-17
Jan-16
Jan-17
Jan-18
Mar-16
Mar-17
Mar-18
Jul-16
Jul-17
Industrial metals Dollar index- RHS
Source: Bloomberg, Edelweiss research
2,300
2,150
(USD/t)
2,000
1,850
1,700
Q1CY17
Q2CY17
Q4CY17
Q1CY18
Q2CY18
Q3CY18
Q4CY18
Q1CY19
Q3CY17
In case of Zn, however, we believe there is further scope for correction as despite the recent
slump, consensus estimates continue to remain ahead of current prices.
3,420
(USD/t)
3,140
2,860
2,580
2,300
Q1CY17
Q2CY17
Q4CY17
Q1CY18
Q2CY18
Q3CY18
Q4CY18
Q1CY19
Q3CY17
LME Zn Q1CY17 Q2CY17 Q3CY17
Q4CY17 Q1CY18 Q2CY18
Source: Bloomberg, Edelweiss research
Table 2: Past five quarters witnessed progressive upward revision in FY19 estimates
EBITDA Estimates for FY19 Progressive
(INR bn) Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 change (5 qtrs)
Tata 183.6 192.6 207.8 211.3 224.1 243.8 32.8
JSW 145.2 143.6 146.9 148.4 154.1 172.7 18.9
JSPL 81.6 81.5 82.2 84.8 91.7 87.2 6.8
SAIL 68.9 70.2 70.3 73.3 81.7 93.1 35.2
In case of Zn, the situation has been different as the first four months of the year witnessed
surplus on slab front and with production ramp up at HZL and Lady Loretta mine of Glencore,
we expect the supply situation to ease off considerably.
160 82
(mn tonnes)
(mn tonnes)
120 74
80 66
40 58
0 50
Dec-14
Aug-11
Aug-16
Oct-15
Apr-13
Apr-18
Nov-12
Nov-17
May-15
Jan-12
Jan-17
Sep-13
Feb-14
Mar-16
Jun-17
Jun-12
Jul-14
In China, demand growth if not high has remained steady. Inventory that had shot up
following the February winter holidays shrunk 35% in past two months to 12mn tonnes. Seen
in conjunction with robust domestic prices, we believe that Chinese demand is better
compared with consensus estimates.
20
Cost push across the value chain to
(mn tonnes)
support LME Al prices 15
10
Apr-12
Apr-13
Apr-15
Apr-16
Apr-17
Apr-18
Apr-14
Dec-11
Dec-12
Dec-14
Dec-15
Dec-16
Dec-17
Dec-13
Aug-11
Aug-12
Aug-13
Aug-15
Aug-16
Aug-17
Aug-14
China Steel inventory
Source: Bloomberg, Edelweiss research
5,000 400
4,500 250
(kt)
(kt)
4,000 100
3,500 (50)
3,000 (200)
Apr-13
Apr-18
Sep-13
Feb-14
Mar-16
Jun-12
Jun-17
Dec-14
Jul-14
Aug-11
Aug-16
Oct-15
Nov-12
Nov-17
May-15
Jan-12
Jan-17
We believe that Al prices will continue be supported from cost push. Profitability of Chinese
players has dipped sharply in recent times and is at lowest levels in past 15 months. This has
to the slowdown in new capacity coming on stream in China. For instance, Shanghai Metals
Market (SMM) has revised the forecast of new capacity coming in July down to 0.6mtpa from
1 mtpa. Overall, new capacity expected to come on-stream in CY18 has also reduced to
3.4mtpa from 4.1mtpa earlier. FY18 Al output estimate has also been reduced to 37mtpa
from 37.8mtpa earlier, a growth of mere 1.9% YoY in CY18 thus far (14.2% YoY in CY17).
15,000 2,300
13,500 1,100
(RMB/t)
(RMB/t)
12,000 (100)
10,500 (1,300)
9,000 (2,500)
Apr-14
Sep-14
Feb-15
Mar-12
Mar-17
Jun-13
Jun-18
Dec-15
Jul-15
Aug-12
Aug-17
Oct-11
Oct-16
Nov-13
May-16
Jan-13
Jan-18
Profit Cost
Source: Bloomberg, Edelweiss research
5,000
4,000
(kt)
3,000
2,000
1,000
Sep-12
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-11
May-11
May-12
May-14
May-16
May-17
May-18
May-13
May-15
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-18
Jan-17
900 4.6
(kt)
(%)
600 (3.6)
300 (11.8)
0 (20.0)
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Mined metal production % growth (YoY)
Source: Bloomberg, Edelweiss research
The refined Zn market remained in surplus for the fourth consecutive month in April’18.
Higher refined Zn production in Australia, Belgium, China, Norway and Peru was partially
offset by the declines in India and USA. In China, maintenance work at smelters and
environmental reviews are on the final leg. July’s refined Zn output across China is likely to
fall from June levels as the recovery in production is slower than expected owing to weak
margins.
April‘18, demand growth remained muted, growing at mere 0.4% YoY. Going ahead, we
believe that ramp up in Rampur Agucha mine for HZL and Lady Loretta mine of Glencore will
further improve production. Elsewhere, total of 300-400kt of supply growth of Zn
concentrate is expected in the international market in CY18 with majority coming in H2CY18.
MMG’s Dugald River mine is estimated to add 130ktpa in Zn content and the New Century
Resources’ Century mine could see 100kt in Zn content in H2CY18.
1,200 60
900 11
(kt)
(kt)
600 (37)
300 (86)
0 (135)
Apr-13
Apr-18
Sep-13
Feb-14
Jun-12
Jun-17
Mar-16
Dec-14
Jul-14
Aug-11
Aug-16
Oct-15
Nov-12
Nov-17
May-15
Jan-12
Jan-17
Zn inventory at exchanges despite showing slight uptick in Q1CY18 remains low compared to
historical levels. In China, imported material inventory has dwindled. Refined Zn inventory
in China is down at 109kt, as on date.
1,280
960
(kt)
640
320
0
Sep-11
Sep-12
Sep-14
Sep-15
Sep-16
Sep-13
Sep-17
May-13
May-14
May-15
May-16
May-17
May-11
May-12
May-18
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Inventory on exchanges- Zinc
Source: Bloomberg, Edelweiss research
Our ferrous estimates are in-line with consensus for Tata Steel and SAIL. We are ahead
of consensus by 12-15% for JSPL and JSW Steel, possibly due to higher volume estimates
and spreads, respectively. We believe that our estimates would be met as production
run rate of JSPL is in line with our numbers. In case of JSW Steel, we believe that
operating efficiencies and focus on downstream products will keep EBITDA/t in the
10,000-11,000/t range over next two years.
In case of Vedanta, our FY20 estimates are lower than consensus as we have taken off
earnings from copper division and Goa iron ore unit. We have also reduced our LME Zn
price estimates to USD2,600/t that might be higher than consensus. In case of HZL, we
are slightly ahead of consensus possibly due to higher FY20 mined metal production
estimate of 1.1mt which is still lower than management's guidance.
Among mining companies, our estimates are ahead of consensus as: 1) we do not expect
material decline in domestic iron ore prices given the favourable steel cycle; 2) CIL’s e -
auction realisations and volume growth are expected to be robust given firm
international coal prices; and 3) additional revenue streams from NMDC’s pellet and
steel plants.
Overall, we believe that earnings growth trajectory will be maintained for our coverage
companies, though valuation multiples are likely to be under pressure.
Table 4: Earning estimates broadly maintained for all companies, except Vedanta and NMDC
Revised estimates CAGR (FY18- Consensus % diff wrt consensus
FY18
FY19E FY20E 20E) FY19E FY20E FY19E FY20E
Tata Steel
Revenue (INR mn) 1,330,164 1,424,240 1,475,803 5.3 1,397,759 1,378,808 1.9 7.0
EBITDA (INR mn) 218,905 238,915 251,825 7.3 244,668 248,561 (2.4) 1.3
Adjusted PAT (INR mn) 37,768 84,949 93,684 57.5 84,679 88,891 0.3 5.4
EPS (INR/share) 33.0 74.2 81.8 57.5 72.5 76.0 2.3 7.7
JSW Steel
Revenue 702,250 849,646 886,590 12.4 749,045 764,997 13.4 15.9
EBITDA 147,940 193,201 203,020 17.1 172,746 179,646 11.8 13.0
Adjusted PAT 63,236 84,981 89,513 19.0 70,438 72,737 20.6 23.1
EPS 26.2 35.2 37.0 19.0 29.1 30.1 20.7 23.2
Table 4: Earning estimates broadly maintained for all companies, except Vedanta and NMDC (Contd…)
Revised estimates CAGR (FY18- Consensus % diff wrt consensus
FY18
FY19E FY20E 20E) FY19E FY20E FY19E FY20E
JSPL
Revenue 273,834 353,001 411,031 22.5 345,219 385,989 2.3 6.5
EBITDA 64,691 99,923 110,520 30.7 87,064 99,578 14.8 11.0
Adjusted PAT (8,973) 15,233 23,040 NM 9,830 20,242 55.0 13.8
EPS (9.3) 15.7 23.8 NM 10.3 20.4 52.2 16.6
SAIL
Revenue 575,585 685,751 751,922 14.3 671,047 731,679 2.2 2.8
EBITDA 46,178 92,567 111,983 55.7 94,942 116,071 (2.5) (3.5)
Adjusted PAT (4,016) 24,333 37,905 NM 23,424 36,089 3.9 5.0
EPS (1.0) 5.9 9.2 NM 6.3 9.0 (6.3) 2.3
NMDC
Revenue 116,149 124,784 162,092 18.1 120,124 126,482 3.9 28.2
EBITDA 58,088 58,582 71,791 11.2 62,355 63,369 (6.0) 13.3
Adjusted PAT 35,177 40,226 45,164 13.3 42,084 43,017 (4.4) 5.0
EPS 11.6 12.7 14.3 11.1 13.1 13.3 (2.7) 7.7
Table 4: Earning estimates broadly maintained for all companies, except Vedanta and NMDC (Contd…)
Revised estimates CAGR (FY18- Consensus % diff wrt consensus
FY18
FY19E FY20E 20E) FY19E FY20E FY19E FY20E
Vedanta
Revenue (INR mn) 918,660 947,055 1,089,029 8.9 947,882 1,075,353 (0.1) 1.3
EBITDA (INR mn) 251,640 296,027 309,266 10.9 297,613 335,500 (0.5) (7.8)
Adjusted PAT (INR mn) 81,920 103,102 108,533 15.1 122,851 146,694 (16.1) (26.0)
EPS (INR/share) 22.0 27.7 29.2 15.1 33.0 39.5 (16.1) (26.0)
Hindalco
Revenue 1,158,086 1,358,836 1,355,712 8.2 1,278,125 1,300,644 6.3 4.2
EBITDA 139,206 152,301 156,806 6.1 153,381 158,172 (0.7) (0.9)
Adjusted PAT 45,006 49,431 54,958 10.5 56,197 60,550 (12.0) (9.2)
EPS 20.2 22.2 24.7 10.5 25.1 27.1 (11.5) (9.1)
HZL
Revenue 225,210 262,578 285,476 12.6 248,266 269,473 5.8 5.9
EBITDA 127,090 154,398 165,585 14.1 144,308 156,477 7.0 5.8
Adjusted PAT 95,328 111,837 119,260 11.9 110,007 119,350 1.7 (0.1)
EPS 22.6 26.5 28.2 11.9 25.9 27.2 2.3 3.7
Valuation multiples across our coverage companies had declined in FY14 marred by macro
concerns - appreciating Dollar Index played spoilsport.
(USD/t)
(x)
(X)
4.6 553 5.2 553
Jul-12
Jul-13
Jul-16
Jul-17
Jul-09
Jul-10
Jul-11
Jul-14
Jul-15
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
TATA China Export Price JSTL China Export Price
(USD/t)
(USD/t)
(x)
(x)
Jan-17
Jan-18
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
In Al, Hindalco’s valuation negatively correlated with LME Al. However, towards latter part of
FY14, multiples shot up owing to fall in LME Al price. In Zn, HZL’s valuation (surprisingly)
positively correlated with LME Zn, probably as it is a niche commodity.
Chart 20: Hindalco’s valuation negatively correlated to LME Al but HZL’s valuation (surprisingly) correlated to LME Zn
9.0 3,500 10.0 3,500
(USD/t)
(USD/t)
(x)
(x)
Jan-11
Jan-13
Jan-18
Jan-09
Jan-10
Jan-12
Jan-14
Jan-15
Jan-16
Jan-17
Jan-14
Jan-15
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-16
Jan-17
Jan-18
Jul-12
Jul-17
Jul-08
Jul-09
Jul-10
Jul-11
Jul-13
Jul-14
Jul-15
Jul-16
Jul-16
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-17
Among the mining companies, we observed negative correlation between iron ore prices and
NMDC’s valuation as import parity determines the domestic price. Besides, the company
faces competition from private miners in Odisha. However, for Coal India (CIL), owing to its
monopoly in India and FSA prices not linked with international coal prices, there is no
correlation between international coal prices and valuation.
Chart 21: NMDC’s valuation multiple shot up due to fall in iron ore prices
12.0 180 12.0 180
(USD/t)
(USD/t)
(x)
(x)
6.0 90 6.0 90
4.0 60 4.0 60
2.0 30 2.0 30
Dec-16
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-17
Aug-17
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Nov-14
Nov-10
Nov-11
Nov-12
Nov-13
Nov-15
Nov-16
Nov-17
Mar-15
Mar-17
Mar-11
Mar-12
Mar-13
Mar-14
Mar-16
Mar-18
Jul-11
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Target price: A case for pruning multiples and not earnings estimates
TPs are down 10-15% of most Valuations are expected to remain compressed, as in FY14, taking cues from the global
companies owing to pressure on uncertainty around tariffs and strengthening Dollar Index. Factoring in the impending
valuations pressure on valuations, we cut valuation multiples of the ferrous players by 4-8% and by
6-12% for the non ferrous players.
Thus, the target prices (TPs) of our coverage ferrous stocks stand reduced upto 15%. We
have cut TPs of Hindalco and HZL by 14% and 17%, respectively, following the cut in
valuation multiple and lower LME Zn estimate, respectively.
We have reduced Vedanta’s TP by 29% to INR293 due to: 1) continued outage at the
Tuticorin copper smelter; 2) uncertainty around resumption of iron ore mining in Goa; 3)
higher costs at Zn-India and Zn-International divisions; and 4) lower profitability at Al
division, impacted by higher alumina prices.
In our mining clutch, we have lowered TP of NMDC by 20% to INR155 due to: 1) lower
than expected volumes; and 2) weak global iron ore price environment.
Table 5: Target prices cut by 5-15% on an average; reduction highest for Vedanta
Valuation multiple (x) Target multiple
Current Target price (INR/share)
2 yr forward- 10 year cycle (FY20E)
multiple
High Low Average Revised Earlier Revised Earlier % chg
Tata Steel- EV/EBITDA 7.1 1.6 4.9 4.7 6.3 6.8 777 903 (14.0)
JSW Steel- EV/EBITDA 7.2 2.8 5.0 6.2 6.9 7.2 372 390 (4.7)
JSPL- EV/EBITDA 9.5 2.8 6.4 5.4 6.2 6.5 300 350 (14.3)
SAIL- EV/EBITDA 11.9 0.2 4.2 6.3 6.2 6.5 70 72 (2.8)
Jindal Stainless- EV/EBITDA 5.8 3.9 4.0 3.8 5.0 6.0 100 120 (16.7)
Hindalco- EV/EBITDA 7.7 4.3 6.0 5.8 6.6 7.0 280 325 (13.8)
HZL- P/E 12.4 2.0 5.9 9.7 11.2 12.7 327 395 (17.2)
Vedanta- EV/EBITDA 11.1 1.3 3.8 3.4 4.6 5.0 293 410 (28.5)
Coal India- P/E 12.6 5.3 8.5 9.6 11.7 11.7 325 325 0.0
NMDC- EV/EBITDA 16.9 2.3 5.1 3.7 6.0 7.0 155 195 (20.5)
Source: Bloomberg, Edelweiss research
We maintain ‘BUY/SO’ on Tata Steel, JSW Steel, JSPL, Jindal Stainless, Hindalco, Vedanta, HZL,
NMDC and CIL. We maintain ‘REDUCE/SU’ on SAIL.
Our preferred picks in the sector are Tata Steel, Hindalco Industries and JSW Steel.
In conclusion
Confidence in earnings accompanied by risk aversion on valuations
Going ahead, we see a different EBITDA growth trajectory for all companies than FY14 -
16. As the charts below suggest, EBITDA CAGR (FY17-19E) of ferrous players would be
much higher and a minimum of 20%. Also, earnings CAGR has been constantly rising.
Evidently, the situation is very different from FY14 when consensus forecasts were
progressively lower.
8.0 4.0
(%)
(%)
(8.0) (4.0)
(24.0) (12.0)
(40.0) (20.0)
Apr-16
Apr-16
Sep-16
Feb-17
Feb-17
Sep-16
Mar-14
Jun-15
Mar-14
Dec-17
Jun-15
Dec-17
Jul-17
Jul-17
Oct-13
Aug-14
Oct-13
Aug-14
Nov-15
May-13
May-18
Nov-15
May-13
May-18
Jan-15
Jan-15
EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19) EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19)
50.0 180.0
Jindal Steel & Power SAIL
34.0 120.0
18.0 60.0
(%)
(%)
2.0 0.0
(14.0) (60.0)
Oct-13
Aug-14
Aug-14
Apr-16
Oct-13
Nov-15
May-18
May-13
Sep-16
Feb-17
Jan-15
Apr-16
Nov-15
May-13
May-18
Jan-15
Sep-16
Feb-17
Mar-14
Jun-15
Jul-17
Mar-14
Jun-15
Jul-17
EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19) EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19)
Source: Bloomberg, Edelweiss research
25.0 30.0
Hindustan Zinc Hindalco Industries
19.0 24.0
13.0 18.0
(%)
(%)
7.0 12.0
1.0 6.0
(5.0) 0.0
Dec-17
Aug-14
Oct-13
Apr-16
Sep-16
Apr-16
Feb-17
Nov-15
May-13
May-18
Jan-15
Sep-16
Feb-17
Mar-14
Jun-15
Dec-17
Jul-17
Mar-14
Jun-15
Oct-13
Aug-14
Jul-17
Nov-15
May-13
May-18
Jan-15
EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19) EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19)
20.0 30.0
NMDC Coal India
8.0 23.0
(4.0) 16.0
(%)
(%)
(16.0) 9.0
(28.0) 2.0
(40.0) (5.0)
Dec-17
Oct-13
Aug-14
Dec-17
Apr-16
Nov-15
May-13
Aug-14
May-18
Oct-13
Jan-15
Sep-16
Feb-17
Apr-16
Nov-15
Mar-14
May-13
May-18
Jun-15
Jan-15
Sep-16
Feb-17
Jul-17
Mar-14
Jun-15
Jul-17
EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19) EBITDA CAGR (FY14-16) EBITDA CAGR (FY17-19)
Source: Bloomberg, Edelweiss research
Table 2: Aluminium
Company name Absolute returns
5D 1M 3M 6M 12M
LME Aluminium (0.8) (8.9) (7.1) (3.1) 11.4
BHP Billiton 2.1 (0.4) 13.3 6.5 34.9
Rio Tinto 0.2 (7.8) 7.9 (3.0) 17.1
Glencore (3.1) (17.6) (5.9) (20.9) 3.1
Alcoa 4.9 (2.5) (11.8) (15.3) 38.9
Kaiser Aluminium 3.0 (5.9) 1.4 (4.9) 18.1
Century Aluminium (1.8) (14.1) (21.9) (33.1) (7.0)
Aluar Alumino 7.7 27.5 55.1 45.6 108.9
Rusal Aluminium 9.6 (2.3) (0.9) (62.0) (43.9)
China Hongqiao Group 3.0 (7.6) (16.6) (27.7) 9.9
Shangdong Nashan Aluminium 1.9 (11.4) (17.6) (29.1) (22.2)
Yunnan Aluminium 5.1 (23.2) (36.8) (53.1) (37.8)
Henan Zhongfu 3.1 (16.1) (35.1) (50.5) (47.0)
Xinjiang Joinworld 1.6 (8.1) (1.1) (20.5) (19.1)
JZWF Aluminium 0.2 (16.4) (28.6) (45.1) (43.6)
China Minmetals 1.8 3.0 (14.5) (12.8) (22.4)
Aluminium Corporation of China 1.6 (20.8) (31.7) (43.3) (21.0)
Mytilineous Holdings 0.7 (7.3) (12.7) (13.9) 1.5
Aluminium Bahrain 0.0 0.8 5.9 1.6 26.0
Norsk Hydro (2.3) (11.9) (6.7) (23.9) (6.5)
Egypt Aluminium (0.7) (11.4) (15.7) (21.0) 64.6
Alro SA (8.7) 3.7 (6.1) 13.2 103.3
Chalco 1.6 (20.8) (31.7) (43.3) (21.0)
South32 2.0 (5.0) 4.0 (5.9) 32.0
Average (Ex Rusal) 1.1 (7.9) (9.4) (18.2) 9.6
Hindalco 0.0 (8.5) (5.3) (18.1) 9.8
Vedanta (4.5) (13.9) (26.8) (37.7) (18.7)
Source: Bloomberg, Edelweiss research
Table 3: Zinc
Company name Absolute returns
5D 1M 3M 6M 12M
LME Zinc (6.1) (20.0) (19.9) (24.2) (8.3)
Nyrstar (1.1) (3.3) (22.4) (35.8) (15.3)
Silvercorp Metals Inc (0.8) (2.5) 6.9 (1.9) (1.1)
KAZ Minerals PLC (3.2) (20.0) (10.7) (16.0) 35.1
Teck Resources Ltd (1.2) (17.9) (8.0) (21.5) 29.0
Anglo American PLC (3.5) (8.4) (0.6) (6.1) 51.4
Hecla Mining Co (3.9) (13.0) (7.8) (22.4) (35.0)
Agnico Eagle Mines Ltd (3.0) 0.8 9.0 1.4 5.0
Grupo Mexico SAB de CV 0.1 (6.5) (15.8) (16.9) 1.3
BHP Billiton Ltd 2.1 (0.4) 13.3 6.5 34.9
Pan American Silver Corp (8.1) (7.0) 2.4 0.6 3.3
Industrias Penoles SAB de CV (2.3) (2.3) (13.7) (19.8) (18.7)
Rio Tinto PLC 0.2 (7.8) 7.9 (3.0) 17.1
Glencore PLC (3.1) (17.6) (5.9) (20.9) 3.1
Boliden AB (3.7) (10.0) (3.4) (5.8) 17.0
Lundin Mining Corp 2.9 (12.7) (6.5) (13.4) (3.7)
Zijin Mining Group Co Ltd (1.7) (20.7) (24.1) (18.2) 13.6
Vedanta Resources PLC (1.1) 11.9 8.5 (10.5) 11.7
Fresnillo PLC (4.4) (8.2) (13.2) (23.5) (25.6)
Southern Copper Corp (0.2) (12.9) (20.6) (10.8) 22.3
Capstone Mining Corp (5.9) (21.5) (18.1) (37.1) (9.5)
HudBay Minerals Inc (3.6) (22.0) (24.4) (43.9) (18.2)
Average (2.2) (9.9) (6.7) (14.5) 6.1
HZL 0.2 (9.5) (12.2) (15.2) 0.7
Vedanta (4.5) (13.9) (26.8) (37.7) (18.7)
Source: Bloomberg, Edelweiss research
Table 4: Coal
Company name Absolute returns
5D 1M 3M 6M 12M
Thermal coal (del China)- 5500 kcal (2.5) 1.3 8.3 (3.7) 16.4
Consol Energy (0.1) 2.3 11.7 15.2 34.6
Indo Tambangraya Megah Tbk 6.3 (8.4) (9.0) 4.1 27.9
Adaro Energy Tbk PT 2.5 (3.4) (11.4) (16.1) 12.3
China Shenhua Energy Co Ltd 7.5 (12.2) (17.3) (22.3) (30.7)
Datong Coal Industry Co Ltd (1.3) (18.5) (12.4) (23.5) 1.2
Yang Quan Coal Industry Group Co Ltd 1.9 (7.8) (11.9) (26.4) (10.1)
New Hope Corp Ltd 3.6 (9.0) (6.0) (13.7) (12.3)
Whitehaven Coal Ltd (6.2) 18.5 42.7 25.9 100.7
China Coal Energy Co Ltd (1.9) 1.2 33.8 20.8 105.8
Average 1.3 (4.6) 2.9 (4.9) 21.6
Coal India (1.9) (6.5) (5.8) (14.2) 4.7
Source: Bloomberg, Edelweiss research
Table 7: Coverage:
Company name Absolute returns
5D 1M 3M 6M 12M
Tata Steel 0.3 (4.3) (7.2) (23.5) 5.4
JSPL 3.3 (11.3) (10.2) (17.3) 56.2
JSW Steel 2.1 (7.1) 2.9 10.6 48.2
SAIL (5.0) (16.4) 0.9 (24.3) 20.0
Hindalco 0.0 (8.5) (5.3) (18.1) 9.8
HZL 0.2 (9.5) (12.2) (15.2) 0.7
Vedanta (4.5) (13.9) (26.8) (37.7) (18.7)
Nalco 1.3 (17.3) (20.7) (28.0) (10.8)
NMDC (0.7) (12.5) (15.5) (34.0) (14.4)
Coal India (1.9) (6.5) (5.8) (14.2) 4.7
MOIL 3.9 (2.9) (13.4) (28.8) 13.5
Jindal Stainless 6.9 (17.7) (29.9) (47.6) (19.0)
Hindustan Copper 0.5 (17.3) (17.4) (34.9) (7.0)
Source: Bloomberg, Edelweiss research
Table 2: Aluminium
Mkt Cap. Ent. Val. EV/EBITDA P/E P/BV P/CF
Company Name
(USD mn) (USD mn) FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
Hindalco 7,523 13,560 5.9 5.8 9.2 8.5 0.9 0.9 5.0 4.6
Vedanta 12,799 17,550 4.0 3.5 7.0 5.9 1.3 1.2 4.4 3.9
BHP Billiton 128,459 149,061 6.2 6.3 14.6 15.4 2.2 2.2 7.6 7.2
Rio Tinto 99,155 109,130 5.9 6.4 11.4 12.8 2.1 2.0 7.3 7.3
Glencore PLC 69,416 100,931 5.5 5.5 9.6 10.0 1.3 1.2 5.5 5.4
Alcoa 8,665 11,078 3.4 3.9 NM 10.6 1.5 1.3 7.6 4.7
Rusal 3,969 11,847 5.0 4.8 2.3 2.2 0.7 0.5 1.8 1.6
Aluminium Corp of China 8,166 15,944 4.9 4.2 6.3 4.1 0.8 0.7 3.0 2.7
Chalco 8,084 22,233 8.8 7.8 17.1 11.7 1.0 1.0 3.6 3.0
Kaiser Aluminium 1,754 1,905 9.3 8.2 16.1 13.6 2.1 1.9 9.5 8.5
Century Aluminium 1,334 1,459 8.3 4.6 NM NM 1.6 1.3 11.5 5.9
China Hongqiao Group 8,467 16,245 5.0 4.3 6.5 4.3 0.8 0.7 3.0 2.7
Shangdong Nashan Aluminium 3,659 4,284 5.4 5.0 10.6 8.3 0.8 0.7 6.3 5.6
Yunnan Aluminium 1,909 4,098 7.2 5.6 11.5 6.9 1.2 1.1 2.8 3.1
Mytilineous Holdings 1,412 2,159 5.4 5.3 6.8 6.4 0.9 0.8 5.5 5.6
Average 5.8 5.1 7.7 6.4 1.1 1.0 4.4 3.9
Source: Bloomberg, Edelweiss research
Table 3: Zinc
Mkt Cap. Ent. Val. (USD EV/EBITDA P/E P/CF P/BV ROE
Company Name
(USD mn) mn) FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
HZL 16,942 13,537 8.9 7.4 14.1 12.0 16.2 11.9 4.4 4.3 31.1 36.4
Korea Zinc 6,519 4,831 5.0 4.6 11.0 10.2 7.3 6.6 1.1 1.0 10.6 10.7
KAZ Minerals PLC 4,663 6,722 5.0 4.8 7.1 6.6 5.7 5.1 2.8 2.0 48.4 36.4
Teck Resources Ltd 15,017 20,929 7.8 4.2 7.2 8.9 NM NM NM NM 13.2 10.0
Anglo American PLC 28,413 38,494 4.4 4.6 8.9 9.9 4.2 4.3 1.1 1.1 13.7 11.6
Hecla Mining Co 1,370 1,677 8.4 6.0 44.4 22.4 9.9 6.5 NM NM 1.6 5.1
Agnico Eagle Mines Ltd 10,588 11,499 13.9 11.4 92.7 50.4 15.0 12.7 2.1 2.1 3.2 4.0
Grupo Mexico SAB de CV 22,621 31,440 6.0 5.5 11.1 9.8 7.8 7.0 1.8 1.6 17.9 19.3
Industrias Penoles SAB de CV 7,105 8,699 4.6 4.1 11.1 9.7 13.0 8.2 1.8 1.6 16.5 17.3
Rio Tinto PLC 94,444 104,419 5.6 6.1 10.7 12.0 6.9 6.9 2.0 1.9 18.8 16.3
Glencore PLC 60,111 91,621 5.0 5.0 8.3 8.6 5.0 4.6 1.1 1.1 13.7 12.3
Boliden AB 8,511 8,695 5.2 5.5 9.9 11.0 6.1 6.7 1.9 1.8 20.8 17.8
Lundin Mining Corp 4,180 3,428 4.2 3.8 14.4 12.8 6.5 5.8 1.1 1.0 7.8 7.6
Zijin Mining Group Co Ltd 11,019 15,673 8.4 7.8 11.6 10.5 5.2 5.0 1.4 1.3 13.0 13.4
Cia de Minas Buenaventura SAA 3,363 4,111 8.2 7.5 6.2 5.3 NM NM NM NM 9.5 10.1
Volcan Cia Minera SAA 2,370 3,022 7.4 5.9 5.7 4.0 3.4 NM 0.7 NM 9.0 11.4
OZ Minerals Ltd 2,122 1,553 4.3 4.4 14.7 15.9 7.7 6.9 1.0 1.0 6.4 7.0
Fresnillo PLC 10,735 10,714 8.7 7.9 22.6 19.7 12.4 11.2 3.3 3.0 14.1 15.4
Southern Copper Corp 20,086 25,526 11.8 11.0 24.9 23.0 14.4 12.9 4.5 3.9 25.8 25.5
Capstone Mining Corp 229 641 5.2 5.7 NM NM 2.1 2.0 NM NM 5.0 6.0
HudBay Minerals Inc 876 2,059 5.1 4.5 78.9 15.3 2.7 2.7 0.6 0.6 7.6 8.0
Average 6.8 6.1 20.8 13.9 8.0 7.1 1.9 1.8 14.6 14.4
Source: Bloomberg, Edelweiss research
2.5
3.5
7.5
4.5
5.5
6.5
1.0
2.6
4.2
5.8
7.4
9.0
9.0
3.0
6.0
12.0
18.0
15.0
Feb-07 Feb-07 Feb-07
Chart 1: Steel
Aug-07 Aug-07 Aug-07
Feb-08 Feb-08 Feb-08
Aug-08 Aug-08 Aug-08
Feb-09 Feb-09 Feb-09
Aug-09 Aug-09 Aug-09
Feb-10 Feb-10 Feb-10
Aug-10 Aug-10 Aug-10
Feb-11 Feb-11 Feb-11
Metals and Mining
JSPL
Feb-12 Feb-12 Feb-12
Aug-12 Aug-12 Aug-12
Tata Steel
Arcelor Mittal
Aug-13 Aug-13 Aug-13
30
Feb-14 Feb-14 Feb-14
Aug-14 Aug-14 Aug-14
Feb-15 Feb-15 Feb-15
Aug-15 Aug-15 Aug-15
Feb-16 Feb-16 Feb-16
Aug-16 Aug-16 Aug-16
Feb-17 Feb-17 Feb-17
Aug-17 Aug-17 Aug-17
Companies
2.0
4.4
6.8
6.0
8.0
4.0
5.0
7.0
9.0
0.0
2.4
4.8
7.2
9.6
12.0
Nippon Steel
Sep-13 Aug-13 Sep-13
Mar-14 Feb-14 Mar-14
Sep-14 Aug-14 Sep-14
Mar-15 Feb-15 Mar-15
Annexure III: Valuations of Indian and Global
0.0
1.2
2.4
3.6
4.8
6.0
3.0
4.0
5.0
6.0
7.0
8.0
2.0
3.2
4.4
8.0
5.6
6.8
Feb-07 Apr-07 Dec-10
Aug-07 Oct-07
Apr-08 Jun-11
Feb-08
Aug-08 Oct-08 Dec-11
Chart 2: Aluminium
Feb-09 Apr-09
Oct-09 Jun-12
Aug-09
Feb-10 Apr-10 Dec-12
Aug-10 Oct-10
Apr-11 Jun-13
Feb-11
Aug-11 Oct-11 Dec-13
Feb-12 Apr-12
Posco
Jun-14
MMK
Aug-12 Oct-12
Hindalco
Feb-13 Apr-13 Dec-14
Aug-13 Oct-13
31
Apr-14 Jun-15
Feb-14
Aug-14 Oct-14 Dec-15
Feb-15 Apr-15 Jun-16
Aug-15 Oct-15
Feb-16 Apr-16 Dec-16
Aug-16 Oct-16 Jun-17
Feb-17 Apr-17
Aug-17 Oct-17 Dec-17
Feb-18 Apr-18 Jun-18
2.0
3.2
4.4
5.6
6.8
8.0
2.0
3.4
4.8
6.2
7.6
9.0
5.4
6.6
7.8
3.0
4.2
9.0
Alcoa
Baoshan
1.0
2.6
4.2
5.8
7.4
9.0
2.0
4.4
6.8
9.2
5.0
11.6
14.0
10.0
15.0
20.0
25.0
30.0
Feb-07 Feb-08
Feb-07
Chart 3: Zinc
Aug-07 Aug-07
Feb-08 Aug-08
Aug-08 Feb-08 Feb-09
Feb-09 Aug-08 Aug-09
Feb-09 Feb-10
Aug-09 Aug-09
Feb-10 Aug-10
Feb-10 Feb-11
Aug-10 Aug-10
Feb-11 Aug-11
Metals and Mining
Feb-11
Aug-11 Aug-11 Feb-12
Feb-12 Aug-12
Chalco
Feb-12
Aug-12 Aug-12 Feb-13
Shangdong
Hindustan Zinc
Aug-13 Aug-13 Feb-14
32
Feb-14 Feb-14 Aug-14
Aug-14 Aug-14 Feb-15
Feb-15 Feb-15 Aug-15
Aug-15 Aug-15 Feb-16
Feb-16 Feb-16 Aug-16
Aug-16 Aug-16
Feb-17 Feb-17 Feb-17
Aug-17 Aug-17 Aug-17
Feb-18 Feb-18 Feb-18
(x) (x)
1.0
5.8
2.6
4.2
7.4
9.0
2.6
5.8
1.0
4.2
7.4
9.0
Mar-07 Feb-07
Sep-07 Aug-07
Mar-08 Feb-08
Sep-08 Aug-08
Mar-09 Feb-09
Sep-09 Aug-09
Mar-10 Feb-10
Sep-10 Aug-10
Mar-11 Feb-11
Sep-11 Aug-11
Mar-12 Feb-12
Sep-12 Aug-12
Norsk Hydro
Mar-13 Feb-13
Grupo Mexico
Sep-13 Aug-13
Mar-14 Feb-14
Sep-14 Aug-14
Mar-15 Feb-15
Sep-15 Aug-15
Mar-16 Feb-16
1.0
2.6
4.2
5.8
7.4
9.0
1.0
2.6
4.2
9.0
5.8
7.4
2.0
5.6
3.8
7.4
9.2
11.0
Mar-10 Feb-07 Feb-07
Aug-07 Aug-07
Sep-10
Chart 4: Mining
Feb-08 Feb-08
Mar-11 Aug-08 Aug-08
Sep-11 Feb-09 Feb-09
Aug-09 Aug-09
Mar-12 Feb-10 Feb-10
Sep-12 Aug-10 Aug-10
Mar-13 Feb-11 Feb-11
Aug-11 Aug-11
Sep-13 Feb-12 Feb-12
Boliden
NMDC
Mar-14 Aug-12 Aug-12
Sep-14 Feb-13 Feb-13
Teck Resources
Aug-13 Aug-13
33
Mar-15 Feb-14 Feb-14
Sep-15 Aug-14 Aug-14
Feb-15 Feb-15
Mar-16 Aug-15 Aug-15
Sep-16 Feb-16 Feb-16
Mar-17 Aug-16 Aug-16
Feb-17 Feb-17
Sep-17 Aug-17 Aug-17
Mar-18 Feb-18 Feb-18
(x) (x)
1.0
4.2
5.8
2.6
7.4
9.0
5.4
8.2
4.0
6.8
9.6
11.0
Nov-10 Dec-07
Jun-08
May-11 Dec-08
Nov-11 Jun-09
May-12 Dec-09
Jun-10
Nov-12 Dec-10
May-13 Jun-11
Nov-13 Dec-11
Jun-12
May-14
Nyrstar
Dec-12
Coal India
Nov-14 Jun-13
Dec-13
May-15 Jun-14
Nov-15 Dec-14
May-16 Jun-15
Dec-15
Nov-16 Jun-16
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai – 400 098.
Board: (91-22) 4009 4400, Email: research@edelcap.com
Recent Research
Rating Distribution* 161 67 11 240 Buy appreciate more than 15% over a 12-month period
* 1stocks under review
Hold appreciate up to 15% over a 12-month period
> 50bn Between 10bn and 50 bn < 10bn
Reduce depreciate more than 5% over a 12-month period
Market Cap (INR) 156 62 11
(INR)
200 260
150 230
100 200
Dec-17
Jun-18
Oct-17
Nov-17
Jul-17
Jul-18
Apr-18
Sep-17
Feb-18
Mar-18
Jan-18
Aug-17
May-18
Dec-17
Jun-18
Oct-17
Nov-17
Jul-17
Apr-18
Jul-18
Sep-17
Feb-18
Mar-18
Jan-18
Aug-17
May-18
50
80
200
110
140
170
680
750
300
350
270
300
400
470
540
610
100
150
200
250
150
180
210
240
Jul-17 Jul-17 Jul-17 Jul-17
NMDC
Tata Steel
Feb-18 Feb-18 Feb-18 Feb-18
35
Hindalco Industries
20
40
60
80
100
120
350
100
150
200
250
300
310
350
150
190
230
270
350
100
150
200
250
300
Jul-17 Jul-17 Jul-17 Jul-17
Vedanta
JSW Steel
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