Macquire has today provided insights and assessments regarding the Indian Metals sector:
JSPL: Rating upgraded to “Outperform” from “Neutral.” Target price raised to Rs. 880 from Rs. 557 (Current Market Price or CMP at Rs.684.35).
JSW Steel: Rating downgraded to “Neutral” from “Outperform.” Target price increased to Rs. 841 from Rs. 641 (CMP Rs.763).
Tata Steel: Rating remains “Outperform.” Target price raised to Rs. 151 from Rs. 120 (CMP Rs.125.85).
Hindalco: Rating remains “Outperform.” Target price increased to Rs. 562 from Rs. 516 (CMP Rs.472.45).
Coal India: Rating remains “Outperform.” Target price raised to Rs. 322 from Rs. 245 (CMP Rs.287.50).
These recommendations are driven by the anticipated benefits of robust domestic demand and strong domestic steel prices for steel companies. Hindalco receives an “Outperform” rating due to its stable global downstream and strong domestic upstream business. Coal India is expected to benefit from a healthy dividend yield and consistent earnings.
On Friday, the BSE Metals Index concluded at 22,654.83 points, marking a gain of 89.64 points or 0.40%. Similarly, the NSE Metals Index closed at 6,744.40 points, with an increase of 35.30 points or 0.50%.