Reuters Market Eye - BNP Paribas downgrades JSW Steel Ltd(JSTL.NS) to "reduce" from "hold", citing expensive valuations after recent outperformance due to a delay in the U.S. 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.
BNP Paribas maintains its "hold" on Tata Steel Ltd (TISC.NS) and Steel Authority of India Ltd (SAIL.NS).
JSW Steel falls nearly 1 percent, while Tata Steel is up 1.34 percent and SAIL is down 0.38 percent at 1102 am.
(Reporting by Abhishek Vishnoi)
Strong demand for Samsung's Galaxy Note 7 tests supply chain
SEOUL Better-than-expected demand for Samsung Electronics Co Ltd's new Galaxy Note 7 is causing supply constraints globally, the South Korean tech giant said on Wednesday, suggesting strong initial sales for the new premium smartphone.
China cracks down on peer-to-peer lending to curb illegal activities
BEIJING China's banking regulator issued tough new rules on Wednesday to tighten regulation of the country's $60 billion peer-to-peer lending sector, which has been dogged by scandals and fraud.
As China e-commerce booms, private equity sees room for growth in storage space
HONG KONG When U.S. private equity heavyweight Warburg Pincus started looking at China's logistics sector in late 2009, there were more modern warehouses in Boston than in the whole of the world's most populous country.