Macquarie bullish on metal stocks; upgrades JSW Steel, raises price targets on key metal players
Hindalco also saw its target price increase to Rs 760 from Rs 597, with Macquarie emphasising the company’s strength in aluminium, firm alumina prices, and strong demand in downstream packaging.
The price aim for Jindal Steel and Power’s share was hiked to 1,170 from Rs 1,070. Tata Steel, too, saw its target price hiked to Rs 171 from Rs 162.
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Macquarie has issued an optimistic outlook on metal stocks, citing resilient domestic fundamentals and easing input costs as key drivers for the sector. The brokerage upgraded JSW Steel to ‘Outperform’ and hiked the target prices for Coal India, Jindal Steel & Power, and Tata Steel.
In addition to upgrading JSW Steel to ‘Outperform’, its target price has been raised to Rs 1,077 from Rs 884, reflecting an upside potential of over 13 percent from its previous close.
Hindalco also saw its target price increase to Rs 760 from Rs 597, with Macquarie emphasising the company’s strength in aluminium, firm alumina prices, and strong demand in downstream packaging. The new target price set by Macquarie for Hindalco indicates an upside potential of around 11 percent from its previous close.
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Coal India retains its ‘Outperform’ rating, with a new target price of Rs 541, up from Rs 465, due to its focus on cost control, volume growth, and a 5 percent dividend yield.
The price aim for Jindal Steel and Power’s share was hiked to 1,170 from Rs 1,070. Tata Steel, too, saw its target price hiked to Rs 171 from Rs 162.
Macquarie said that steel companies are well-positioned to benefit from domestic price premiums to import parity, steady leverage, and easing input costs. The brokerage said in a note that commodity prices could see upside risks over the next 6-12 months.
The Nifty Metal index saw most of its constituents fall between 0.2-2.7 percent in the previous session. The index has been in decline for three consecutive sessions and has posted negative monthly returns since July.
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