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“There could be 20-40% downside in most steel stocks and people should stay away. Other metals like copper, aluminium have not been impacted because in the downturn, they did not get any protection and so now they are not facing these duties. Auto, capital goods sectors to benefit from import duty on steel, excise cut in fuel.”

Karur Vysya Bank, incorporated in the year 1916, is a banking company (having a market cap of Rs 3712.05 crore).

The brokerage is positive on CCRI’s prospects and believe that it is best positioned to capitalize on favorable infrastructure‐related tailwinds. It remains positive on the structural growth story considering 1) continual market share gains in domestic segment 2) strong EXIM volumes, and 3) new strategic initiatives. At CMP, the stock trades at a P/E of 24.3x/20.5x FY23E/FY24E earnings and at an EV of 14.6x/12.5x FY23E/FY24E EBITDA.

"We believe that the Adani-Holcim deal is positive for the industry. Post the deal, there is another announcement in which they intend to double the company capacity over the next 5 years. In that case, we expect the competitive intensity to increase further in the industry and could see further consolidation of cement capacity with some of the large cement players bidding to acquire smaller marginal players."

​Revenue/EBITDA/PAT of the company is expected to report CAGR of 11%/10%/10% respectively over FY22-FY24E. Input prices are likely to remain volatile for coming fiscal, which could keep EBITDA margins under pressure. Hence, the brokerage expects EBITDA margins to come in at 14.9%/15.3% in FY23E/FY24E respectively.

Revenue from operations of the company climbed 40.83 per cent for the quarter to Rs 2518.44 crore as against Rs 1788.19 crore in the same quarter last year.

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“The stock is showing relative outperformance as it trades just 7-8 per cent lower from the lifetime highs whereas Nifty is lower by about 13%. The stock has formed a long Bullish candle in the current week and sustains above the 20-week SMA (407),” he said.

A total of 701,732 shares changed hands on the counter till 12:48PM (IST)

Further, the government has imposed a 15 per cent export duty on hot-rolled, and cold-rolled steel products from nil earlier. On the import front, the government has cut import duty on some raw materials like PCI, met coal and coking coal.