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The automotive industry is grappling with semiconductor shortages, while the stability in steel prices offers both advantages and potential challenges.
Shyam Metalics has announced a new capex of close to INR 3,900 crore ($525m) and it is adding more capacity for speciality alloys, power gen and different products. The company aims to see a 15-20% YoY CAGR and the bottom and top lines are set to improve. Despite muted numbers recently, margin has remained relatively stable as the company is an integrated player. The company has a fundraising plan for around INR 3,600 crore and a capex plan of INR 4,000 crore.
High energy prices in Europe have hit mid-sized and smaller companies and, as a result, steel consumption, according to TV Narendran, MD, Tata Steel. Inflation persists, with central banks increasing rates. However, while the first quarter saw Tata Steel s consolidated net profit fall by 92% YoY to INR634 crore, Narendran believes that Q2 will be better, with China seeming to recover on the back of auto sales and construction growth.