Budget 2023 & Metals, Mining - Infra, Capex Focus A Positive For Metals Sector: ICICI Securities

ICICI Securities Report

The focus of FY24 Union Budget on infrastructure, capex and green ecosystem comes as a positive for metals sector that is likely to spur domestic demand over medium term. Key points:

1. Investment in affordable housing, 100 critical infrastructure projects and railways may result in demand growth; and

2. extension of basic custom duty exemption by a year on ferrous scrap and raw materials for cold rolled grain oriented steel is likely to aid stainless steel players and major flat players, respectively.

While we await more clarity on the announced capex outlay, at the first glance, longs-focused companies appear to be among the beneficiaries.

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