Moody's Investors Service forecast a negative outlook for the steel industry in India

Published On: Wednesday, July 29, 2020 | By: Team KnowMyStock

Due to the adverse effect of coronavirus pandemic on the economy Steel consumption is expected to decline at least 10 percent for rated Indian steel-makers, says a report. Moody's Investors Service in the latest report has forecast a negative outlook for the steel industry in the Asia Pacific region. According to Moody's Investors Service, India's (Baa3 negative) economic growth will remain materially lower than in the past, with real GDP contracting 3 percent in 2020. "We assume that economic activity will gradually pick up in July. However, given the possibility for second or third waves of virus infections or deeper economic costs than currently factored in, the downside risk to these forecasts is significant," the agency said. Moody's estimates that lower GDP growth will translate into steel consumption falling at least 10 percent for rated steel-makers in the 12 months to March 2021.

Closing Bell: Sensex gains 85 points, Nifty at 18755.90

Closing Bell:Sensex gains 418 points, Nifty at 18716.15

MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

Follow Us On: