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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Tata Steel shares up 3%, Emkay says this is point of inflection
Tata Steel climbed up to 3% to Rs 159.25 on the BSE on Wednesday, driven by a broader steel sector rally. Brokerage Emkay Global said the stock is at a “point of inflection,” citing improving prospects across multiple fronts.
The brokerage highlighted volume growth, a potential turnaround in its European operations, and attractive valuations as key factors supporting its bullish view. Emkay retained a ‘Buy’ rating on the stock.
The steel sector surged after the Directorate General of Trade Remedies (DGTR) proposed a temporary 12% safeguard duty on certain steel imports, aimed at curbing cheaper inflows. This boosted steel stocks, with NMDC Steel rising 7% and SAIL gaining 5%.
Despite near-term concerns over a domestic slowdown and weak pricing, Emkay believes investors are focusing on a mid-cycle recovery, with India’s steel consumption expected to grow at a 7-8% CAGR over the next five years, supported by capacity expansions.
Regarding Tata Steel’s European operations, Emkay noted that the business could be nearing a turnaround towards profitability. It also dismissed concerns about a potential re-auction of the company’s captive iron ore mines in 2030, citing an expected global iron ore surplus, which could keep prices in check.
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Tata Steel has gained over 15% YTD, outperforming the broader market. Over the past year, the stock is up nearly 6%, including a 5% gain in the past week.
Technically, Tata Steel is trading above its 50, 100, and 200-DMA, signaling strong bullish momentum. Its Relative
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India's April-February finished steel imports up nearly 16% y/y, data shows economictimes.indiatimes.com / 1 year ago
JSW Steel shines on favourable prices, higher volume projections livemint.com / 1 year ago
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