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Domestic steel prices have shown marginal improvement, with prices stabilizing after a recent decline. This positive development, along with India’s transition to a net steel exporter, bodes well for the steel sector
We maintain a Buy on the stock with an unchanged PT of Rs. 1850, considering its strong outlook led by capacity additions and structural demand drivers.
APL Apollo Tubes (APAT) reported the fourth consecutive quarter of weak operating performance (EBITDA/MT down 62% YoY in 2Q) on account of inventory loss of ~INR1.5b.