Steel stocks have been on the rise since past week after China announced it would restructure its steel industry to cut the total output. The latest move by China is expected to reduce the dumping of cheap steel into the Indian market, seen as a major positive for the domestic steel manufacturers.
Metal
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Shares on the Nifty Metal index were sharply higher, taking the index up by a percent to near 9,000 level – extending gains for a fifth session in a row – after international brokerage Jefferies’ issued a positive note highlighting top picks within the sector.
Jefferies in its latest note said that the metal stocks have outperformed benchmark index Nifty 50 by up to 15-20 percent in the year-to-date. Hopes of an economic recovery in China and expectations of anti-dumping duty to safeguard the domestic steel makers are acting as a positive trigger for the shares, the international brokerage said.
The steel stocks are relatively expensive, but the valuations may sustain in the future, Jefferies said.
Tata Steel
Shares of Tata Steel were up nearly a percent after Jefferies maintained ‘Buy’ call and raised target price to Rs 180 per share from earlier Rs 165 per share. The latest target price implies an upside potential of nearly 18 percent from the last closing price.
Hindalco
Jefferies also maintained its ‘Buy’ rating on Hindalco with a target price of Rs 800 apiece, sending the shares higher by 2 percent on March 10. The brokerage’s target price implies an upside potential of nearly 13 percent from the last closing price.
JSW Steel
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For the shares of JSW Steel, Jefferies maintained its ‘Hold’ rating, it however increased the target for the stock to Rs 920 per share from the earlier Rs 850 per share. JSW Steel shares were trading nearly 2 percent higher. The target price set by the brokerage implies a downside potential of around 11 percent from the last closing price.
The other metal stocks which recorded strong gains on March 10 included Jindal Steel, Adani Enterprises, Welspun Corp, NMDC and more.
Investors are expecting more stimulus measures by China to boost consumption and cushion the economic impact of an escalating trade war with the United States, even as both countries have selectively imposed tariffs on each other.
Steel stocks have been on the rise since past week after China announced it would restructure its steel industry to cut the total output. The latest move by China is expected to reduce the dumping of cheap steel into the Indian market, seen as a major positive for the domestic steel manufacturers.
The metals index has surged 8.6 percent last week, its best in nearly four years.
(With inputs from CNBC-TV18)
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