N Jayakumar, MD, Prime Securities, says 'for the last few months, we have been very bullish on integrated metal plays, especially steel companies, that have been integrated because input prices have come down pretty sharply. If input prices come down, the price of the end products also come down. But the margins have gone up and that essentially means that from a manufacturer's perspective, higher volumes and higher margins is probably the way to go. The good thing from a demand perspective is that prices have come down and hopefully in an election year, in the runup to this, where capex is going to be the theme or is the theme. "
