Drop in pellet prices - Pellet prices in Durgapur have decreased, as per SteelMint assessment. The current assessment for pellet (Fe 63%) stands at INR 11,600/t exw Durgapur, down INR 1,300/t compared to the last assessment of INR 12,900/t on 22 March as previous offers were not feasible.
Raipur, Chhattisgarh-based pellets producers have decreased domestic offers by INR 800/t ($11/t) from INR 12,800-13,000/t ($169-171/t) to INR 12,000-12,300/t exw ($157-162/t). Declining sponge iron prices and cheaper landed offers from Durgapur and Odisha have pulled down offers in Raipur, SteelMint notes. However, a sharp correction is unlikely on improved export sentiments.
Here is a short, but interesting article by Go India Stocks:
Stock is in Stage 2.
Moving up in bigger Wave 3.
Currently correcting in wave ( iv ) of Wave ( I ) with in bigger Wave 3 .
Wave (v) whould follow to complete Wave ( I ) and then a correction in Wave (II). Bigger Wave 3 would be completed once we go through impulsive Wave (III), corrective Wave ( IV) , impulsive (V) …and then a correction in Wave 4 and so on.
Keep in cosideration that overall sector movement/trend is also improtant when we track a stock.
One can ride till it does not break 30 week moving average , but if someone really wanna stick for very long term , 40 week moving average can be used as a risk-management tool.
This is pretty great news and increases GPIL value by atleast 50-60% as the iron ore is the key asset it has.
@Kumar_manas sir, how do you expect this Quarter’s results to be?
GPIL has been added to the MSCI Index. Hopefully this will lead to market discovery apart from inflows.
Disc: Sold my holdings between 450-500 and am now gradually accumulating again ahead of Q4 results. Expecting iron ore to bounce back in H2 as China comes out of lockdowns and starts up their economy with focus on easing monetary policy and infra spending