Market Overview - The S&P BSE Sensex decreased by 0.5% to 84,317, down 420 points, while the NSE Nifty 50 fell by 0.4%, or 110 points, to 25,768 at the open [1] - By 9:51 AM, BSE Sensex was trading 350 points or 0.44% lower at 84,111, and Nifty50 dropped 111 points to 25,769 [1] - Tata Motors, Infosys, Tata Steel, ITC, Tech Mahindra, and Maruti were the main contributors to the losses, each falling between 1-3% [1] Company Performance - Tata Motors (Commercial Vehicles) shares fell over 3% after reporting a consolidated net loss of ₹867 crore for Q2, contrasting with a net profit of ₹498 crore in the same quarter last year [2] - The market reaction to the election results is expected to be temporary, with long-term trends driven by fundamentals and earnings growth [6] Institutional Investment - Foreign Institutional Investors (FIIs) sold equities worth over ₹384 crore on November 13, while Domestic Institutional Investors (DIIs) were net buyers amounting to ₹3,092 crore [8] Global Market Impact - Wall Street experienced significant declines, with the S&P 500 falling 1.66%, the Nasdaq dropping 2.29%, and the Dow Jones Industrial Average decreasing by 1.65% [9] - Gold prices retreated by 1% after reaching a three-week high, with spot gold down 1.1% at $4,151.86 per ounce [10] - Oil prices remained steady after a previous 4% drop, with Brent crude futures rising by 0.5% to $63.01 per barrel [11]

China’s steel production continued to slide in October on softening domestic demand and deeper output cuts at mills https://t.co/NCuaBPUPzm ...

A Chinese equipment maker and a US steel producer have been tipped as stock favorites at the Sohn Australia conference in Sydney https://t.co/ceJ02Ttyqo ...

Core Insights - Tree Island Steel reported a decline in revenues for the three months and nine months ended September 30, 2025, primarily due to U.S. tariffs impacting sales of wire products to the U.S. market, although there was some mitigation from increased sales within Canada [2][3][4] Financial Performance - For the three months ended September 30, 2025, revenues decreased by $14.8 million to $36.8 million from $51.6 million in 2024, with gross profit down by $0.3 million due to lower production volumes [2][5] - For the nine months ended September 30, 2025, revenues fell by $32.8 million to $129.4 million from $162.2 million in 2024, attributed to reduced U.S. sales volumes and a strategic withdrawal from unprofitable products [3][5] - Adjusted EBITDA improved to $0.2 million for the three months ended September 30, 2025, compared to $6 thousand in the same period last year, while for the nine months, it decreased by $1.5 million [2][7] Operational Challenges - The company continues to face challenges due to U.S. tariffs on commodity galvanized wire, impacting overall sales and profitability [4][6] - Gross margins remained consistent with the prior year, but gross profits were lower by $1.9 million due to lower production levels [3][5] Key Financial Metrics - For the three months ended September 30, 2025, the net loss was $2.141 million, compared to a net loss of $1.846 million in 2024, with a net loss per share of $0.08 [5][7] - Total assets as of September 30, 2025, were $165.196 million, down from $168.817 million in December 2024 [5][7]

Market Overview - Stock markets experienced a three-day rally that fizzled out, with benchmark indices Sensex and Nifty ending flat amid choppy trading on November 13, 2025 [1] - The BSE Sensex closed with a slight gain of 12.16 points, or 0.01%, at 84,478.67, while the NSE Nifty rose by 3.35 points, or 0.01%, to 25,879.15 [1][2] Sector Performance - Among the gainers in the Sensex pack were Asian Paints, ICICI Bank, PowerGrid, Larsen & Toubro, Bajaj Finserv, Bharti Airtel, Sun Pharmaceuticals, Maruti Suzuki India, Axis Bank, UltraTech Cement, and HCL Technologies [2] - Conversely, laggards included Tata Motors' commercial vehicles arm, Mahindra & Mahindra, Tata Steel, Bharat Electronics Ltd, Tata Motors Passenger Vehicles, Trent, Tata Consultancy Services, Hindustan Unilever, and Infosys [3] Economic Indicators - The market sentiment was positively influenced by the signing of a short-term funding bill by Trump to end the U.S. government shutdown and hopes for tariff relief for India [4] - Record-low October inflation figures reinforced expectations of an interest rate cut by the Reserve Bank of India (RBI), making rate-sensitive sectors like metals and realty attractive to investors [5] Foreign Investment Trends - Foreign institutional investors were net sellers for the third consecutive day, offloading equities worth ₹1,750.03 crore, while domestic institutional investors purchased stocks worth ₹5,127.12 crore [7] - The previous day, the BSE Sensex had rallied by 595.19 points, closing at 84,466.51, and the NSE Nifty climbed 180.85 points to close at 25,875.80 [7]

Core Points - Commercial Metals Company (CMC) announced the sale of $2,000 million in aggregate principal amount of Senior Notes, consisting of $1,000 million of 5.75% Senior Notes due 2033 and $1,000 million of 6.00% Senior Notes due 2035 [1][2] - The net proceeds from the sale will be used to fund the acquisition of Foley Products Company, transaction-related fees, and general corporate purposes [3] - The offering is expected to close on or about November 26, 2025, and is not contingent upon the completion of the Foley Acquisition [4] Financial Details - The 2033 Notes will mature on November 15, 2033, while the 2035 Notes will mature on December 15, 2035 [2] - The Notes will rank equally with all existing and future senior unsecured indebtedness of CMC [2] Offering Conditions - The Notes will be offered only to qualified institutional buyers and certain non-U.S. persons, and will not be registered under the Securities Act [5] - If the Foley Acquisition is not completed by October 15, 2026, CMC will be required to redeem all of the Notes at a price equal to 100% of the initial issue price plus accrued interest [4]

Core Insights - Friedman Industries reported a net earnings of $2.2 million for Q2 fiscal 2026, a significant recovery from a net loss of $0.7 million in the same quarter last year, with net sales increasing by 42.7% to $152.4 million [2][10] - The company experienced record sales volume, selling approximately 154,500 tons of inventory and 24,500 tons of toll-processed material, marking a 28% year-over-year increase [2][10] - The flat-roll segment was the primary growth driver, with sales rising 47.2% to $143.3 million and operating profit jumping 113.5% to $5.7 million [3][10] Financial Performance - The tubular segment saw a mixed performance, with sales declining 3.6% to $9 million, but the average selling price per ton increased by 15% to $1,185, resulting in a swing to operating income of $0.9 million from a loss of $0.6 million [4][10] - Operating expenses increased due to higher volumes and acquisition-related costs, with processing and warehousing expenses rising 15.3% to $9.1 million and delivery expenses increasing 32.6% to $7.1 million [5][10] - Earnings before income taxes improved to $2.9 million from a loss of $0.9 million, aided by effective risk management and lower interest expenses [6][10] Balance Sheet and Equity - Total assets rose to $311.3 million as of September 30, 2025, from $226.8 million in March 2025, while total stockholders' equity increased to $139.3 million [7] - Liabilities grew to $172 million, reflecting higher borrowings associated with the company's expansion and acquisition strategy [7] Strategic Direction - Management highlighted the quarter as a significant milestone, emphasizing record sales volume and improved capacity utilization [8] - The company is focused on a strategic transformation that combines organic growth with selective acquisitions and disciplined capital allocation, including ongoing dividends and opportunistic share repurchases [8][9] - The acquisition of Century Metals & Supplies is expected to enhance margins and growth, broadening the product portfolio and geographic reach [12] Future Outlook - For Q3 fiscal 2026, the company expects sales volumes to remain consistent with Q2 levels, with additional tonnage from the Century acquisition anticipated to offset seasonal softness [11] - Management projects a modest sequential improvement in margins, supported by expected increases in metals pricing [11]

Core Viewpoint - Commercial Metals Company (CMC) plans to offer $2,000 million in new senior unsecured notes to fund the acquisition of Foley Products Company and for general corporate purposes [1][3]. Offering Details - The final terms of the offering will be determined at the time of pricing, and the notes will rank equally with CMC's existing and future senior unsecured indebtedness [2]. - The offering is not contingent upon the closing of the Foley Acquisition, and if the acquisition is not completed by October 15, 2026, CMC will redeem the notes at 100% of the initial issue price plus accrued interest [4]. Use of Proceeds - The net proceeds from the sale of the notes will be used to fund the Foley Acquisition, transaction-related fees, and general corporate purposes [3]. Regulatory Compliance - The notes will be offered only to qualified institutional buyers and certain non-U.S. persons, and will not be registered under the Securities Act [4][5]. Company Overview - CMC is an innovative solutions provider in the construction sector, offering products and technologies to meet reinforcement needs across various applications [6].

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Core Points - Worthington Steel, Inc. has been awarded the 2026 Military Friendly® Employer Gold designation, highlighting its commitment to hiring veterans and supporting military personnel [1] Company Summary - Worthington Steel, Inc. is recognized for its efforts in creating a military-friendly workplace, which is reflected in the Gold designation for 2026 [1]