The company may look to import iron ore if global prices correct.
In his maiden full-year Budget, Finance Minister Arun Jaitley proposed a hike in custom duty of metallurgical coke from 2.5 percent to 5 percent. Speaking to CNBC-TV18, RK Goyal, MD, Kalyani Steels said the hike in coke import duty will affect the margins of the company.
After state-owned marginal producer NMDC proposed a minor cut in its expenditure to Rs 3,588 crore, Goyal said there is a possibility of further cut. According to him, global prices are at a discount to NMDC iron ore prices. The company may look to import iron ore if global prices correct.
Below is verbatim transcript of the interview:
Q: NMDC has reduced prices of both lumps and fines, how does that impact you?
A: The total reduction in price by NMDC is much lower as compared to the global prices which have come down over the last one year and so, we are expecting much larger reduction by NMDC. Whatever little they have done is good.
Q: Are you largely sourcing your raw materials from NMDC?
A: All the materials sold in Karnataka are through e-auction. Besides NMDC there are some private players also but almost 60-70 percent material is coming from NMDC and we buy through e-auction.
Q: We still have no clarity on what has come through in the Budget for companies like yours? Has the custom duty been changed, what is the quantum now, would you be able to share some light on this?
A: There are quite a few things that have happened in the Budget. Many of the positive things we may not be able to read right now but it is very clear it is a visionary Budget. It is very bold, it will bring much larger growth to the country, to the economy and it is in the direction of Make in India.
Kalyani Steels stock price
On March 02, 2015, at 14:14 hrs Kalyani Steels was quoting at Rs 146.40, down Rs 0.6, or 0.41 percent. The 52-week high of the share was Rs 179.10 and the 52-week low was Rs 53.65.
The company's trailing 12-month (TTM) EPS was at Rs 18.46 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.93. The latest book value of the company is Rs 91.13 per share. At current value, the price-to-book value of the company is 1.61.
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