Jefferies bets on metal's mettle, picks Coal India, Tata Steel, 1 more stock as buys
Jefferies has reiterated its buy stance on state-run Coal India (CIL) and two private sector players viz. Tata Steel and Hindalco Industries amid signs of optimism in the metal space. Meanwhile, the US brokerage has maintained a 'hold' view on JSW Steel.
In Jefferies' view, the global recovery in manufacturing including one in China is driving the sector and there are now signs of a rising trade.
Jefferies' stocks to buy:
Coal India: Buy | Target: Rs 520
Shares of Coal India today jumped nearly 2% to hit the day's high of Rs 449 on the NSE. The multibagger stock has delivered returns of 101% over the past 12 months and its returns this year has been over 17%, so far. This is higher from 62% and 13% given by Nifty Metal during the said time periods.
Tata Steel: Buy | Target: Rs 200 revised upwards from Rs 165
Shares of Tata Steel were up by over 1.80% around 10 am. They had hit a fresh 52 week high of Rs 169.80 on Tuesday. The stock has given returns of 61% over a 1-year period and 10.63% in 2024, so far.
Hindalco Industries: Buy | Target: Rs 700 revised upwards from Rs 610
Shares of Hindalco Industries were up nearly 2% today. The Aditya Birla Group counter has given returns of 50% over a 1-year period and negative returns of 2% in 2024, so far.
JSW Steel: Hold | Target: Rs 900 revised upwards from Rs 800
Shares of JSW Steel were up by over 1% around this time. The stock has given returns of 28% over a 1-year period and 0.79% in 2024, so far.
Metal stocks have been gaining lately amid a slew of triggers which
