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Clues by NC Team • 3 Jan 2019, Thursday

Foreign brokerage firm CLSA has downgraded shares of Tata Steel, JSW Steel and Hindalco Industries saying that deteriorating Chinese demand is likely to keep the commodity prices subdued in near term. The brokerage has cut earnings per share (EPS) estimates for the FY20-FY21 period by 9 – 38 percent to factor in lower commodity prices and a stronger rupee. Shares of Tata Steel ended 4 percent lower at Rs 493.85 on Wednesday while JSW Steel and Hindalco ended down 5 percent and 3.8 percent respectively.

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