Analysts said the uncertainty over demand recovery in China due to the surge in COVID-19 cases has forced metal companies to offer retailers discounts, diluting the effect of higher prices.
"While the prices across metal segments ... have risen in January, companies' margins are not seeing a significant improvement," said Mohit Lohia, research analyst at ICICI Securities.fell 3% after reporting a 9% drop in average gross operated production for the third quarter, while aluminium production also declined.rose over 5% after the Reserve Bank of India gave SBI Funds Management approval to buy a stake in the lender.
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