BNP Paribas downgrades JSW Steel Ltd to “reduce” from “hold”,citing expensive valuations after recent outperformance due to a delay in the US Federal Reserve’s tapering of monetary stimulus in September.
The investment bank says its checks with steel producers and traders suggest that the benefits of a weak currency are neutralised when the rupee is around 60-62 to the dollar.
“With the INR hovering at these levels,a sharp recovery in imports is unlikely and the export opportunity no longer looks as attractive,” BNP Paribas said in a report.
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JSW Steel falls nearly 1 per cent,while Tata Steel is up 1.34 per cent and SAIL is down 0.38 per cent at 1102 am.