9 Nifty Metal stocks including Vedanta, NALCO, SAIL gained 20%-50% in 2024; check full list
Vedanta leading as the top gainer. Starting the year at ₹258.55 per share, Vedanta's stock has surged to the current price of ₹383.45, marking a return of nearly 50%. Currently, the stock is trading at its 24-month high.
Recently, global brokerage firm CLSA upgraded Vedanta's stock by two notches from "underperform" to "buy," anticipating the company to benefit from the ongoing surge in metal prices. Also Read: Vedanta targets $7.5 bn in earnings in 2 years, deleverage group by $3 bn CLSA also revised its target price for the stock to ₹390, making it the second-highest target after Nuvama's ₹394. Similarly, shares of NALCO have been on a remarkable journey, surging by 23.24% this month alone.
The surge follows NALCO's report earlier this month, announcing its highest-ever metal sales, cast metal production, and bauxite excavation in fiscal 2024. For the calendar year 2024, NALCO's stock witnessed a 43% increase. SAIL, another PSU firm, has seen robust performance in 2024, driven by record annual production and sales in FY24.
The increasing demand for steel amid a global manufacturing recovery and ongoing capital expenditure growth in India has further bolstered stock prices. So far this year, SAIL's stock has surged from ₹123.65 per share to ₹164.65, yielding a return of 33.15%. Also Read: Hindustan Zinc needs strong prices to show its mettle in FY25 Hindustan Zinc shares have surged by 48% between April 1 and April 12 amid a strong rise in zinc and lead prices.
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