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livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Metal stocks rise as Jefferies maintains bullish stance on Indian metals
Tata Steel, JSW Steel and Hindalco rallied up to 2% on the BSE today after the global brokerage firm Jefferies stated that it maintains a constructive view on the Indian metals sector, naming the mentioned stocks as their top picks.
Tata Steel has received a ‘Buy’ rating, with Jefferies raising its target price to Rs 180 from Rs 165. Meanwhile, JSW Steel has been assigned a ‘Hold’ rating, with an upward revision of its target price to Rs 920 from Rs 850. Hindalco also remains a favored pick with a ‘Buy’ rating and a target price of Rs 800.
Following this update, the shares of Tata Steel and Hindaclo jumped 1.7% each to their day’s high of Rs 154.20 and Rs 703.20 respectively, while those of JSW Steel surged by 1.6% to Rs 1028.15 on the BSE.
The brokerage firm’s bullish stance comes from the improving fundamentals, optimism over China's recovery, and expectations of safeguard duties on steel imports in India.
The report highlights that metal stocks have outperformed the Nifty-50 by 15-20% CYTD (Calendar Year to Date), driven by strong demand and positive global cues. One of the key catalysts for the sector’s resilience is the optimism surrounding China’s economic recovery, which could support global metal prices.
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 09:47
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