Shares of Steel Authority of India Ltd (SAIL) climbed 2.92% on Monday, September 8, to trade at ₹133.04 on the NSE, extending gains after Morgan Stanley turned more positive on the domestic steel sector.
The brokerage upgraded SAIL to “Equal-weight” and raised its price target to ₹140 per share, citing improving domestic demand and a favourable global macro backdrop. It also noted that China’s “anti-involution” theme is contributing to a more stable pricing environment globally, which should support Indian steelmakers.
Morgan Stanley also upgraded Tata Steel and JSW Steel to “Overweight,” setting targets of ₹200 and ₹1,300, respectively, while maintaining JSPL at “Equal-weight” with a raised target of ₹1,150.
Investor sentiment on SAIL improved following the upgrade, with the stock touching an intraday high of ₹134.79, close to its 52-week peak of ₹144.20.
SAIL, with a market capitalization of nearly ₹5.5 lakh crore, remains one of the most active PSU counters in the steel space, with strong participation from both institutional and retail investors.
