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    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Indian shares slip 1%, hammered by losses in metal

09/20/2021 | 02:02pm EDT
The Bombay Stock Exchange (BSE) logo is seen at the BSE building in Mumbai

BENGALURU (Reuters) - Indian shares slid 1% and the Nifty 50 logged its worst session since July, dragged by a sharp dip in metals on concerns of default by Chinese property behemoths, while investors awaited further cues on monetary policy by U.S. Federal Reserve.

The blue-chip NSE Nifty 50 index closed down 1.07% at 17,396.9 on Monday, and the benchmark S&P BSE Sensex fell 0.9% to 58,490.93.

U.S. listings of iron ore miners and steel companies dropped premarket, as did European basic resources stocks, after sentiment was hurt by growing risks of defaults at Chinese property developers like China Evergrande Group.

The Indian subindex for metal stocks dived nearly 7% to its lowest levels in nearly a month, with Tata Steel and JSW Steel dropping about 10% and 8%, respectively, to be the biggest losers on the Nifty 50.

"There are also fears of a weakening in Chinese demand (for iron ore)," said A. K. Prabhakar, head of research at IDBI Capital.

Iron ore futures in China fell last week on concerns around demand for the raw material. [IRONORE/]

Investors will be closely watching the Fed's two-day meet starting on Tuesday, where it is expected to lay the groundwork for the tapering of its bond buying programme.

Banking stocks fell 1.8%, snapping four consecutive sessions of gains, with the subindex for public sector banks crashing over 4%.

Bucking the wider trend, consumer goods stocks advanced 0.9%, with ITC Ltd rising over 1% after Prime Minister Narendra Modi on Saturday said the country was giving "a lot of priority to its vaccination programme in states whose economies are driven by the tourism sector."

Fellow hotelier Indian Hotels Co jumped 8%.

News media firm New Delhi Television soared 10% on rumours of a buyout, though its promoters after market close clarified there were no such discussions ongoing.

(Reporting by Soumyajit Saha in Bengaluru; Editing by Shinjini Ganguli)

By Soumyajit Saha


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 4.26% 2.69 End-of-day quote.-81.95%
JSW STEEL LIMITED -0.82% 667.9 End-of-day quote.72.45%
TATA STEEL LIMITED -1.43% 1295.7 End-of-day quote.101.34%
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Analyst Recommendations on CHINA EVERGRANDE GROUP
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Financials
Sales 2021 547 B 70 415 M 70 415 M
Net income 2021 2 419 M 311 M 311 M
Net Debt 2021 354 B 45 488 M 45 488 M
P/E ratio 2021 14,7x
Yield 2021 1,41%
Capitalization 35 511 M 4 568 M 4 569 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,47x
Nbr of Employees 163 119
Free-Float 18,6%
Chart CHINA EVERGRANDE GROUP
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Technical analysis trends CHINA EVERGRANDE GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 12
Last Close Price 2,69 HKD
Average target price 11,13 HKD
Spread / Average Target 314%
EPS Revisions
Managers and Directors
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Da Rong Pan Chief Financial Officer & Executive Director
Ka Yan Hui Chairman
Dong Feng Chen Head-Information
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