In its latest investor feedback from meetings held in Singapore and Hong Kong, Citi noted a shift in sentiment within the materials space, with metals, particularly steel and aluminium, receiving greater attention than cement stocks. Citi’s Asia Marketing takeaways suggest that investors were broadly positioned around event-driven opportunities in metals, especially steel, though many are now moving to the sidelines after recent gains.
Among metals, Hindalco emerged as the most preferred stock, with several investors expressing readiness to accumulate on any correction. Other frequently discussed stocks included Tata Steel, underscoring ongoing interest in large-cap Indian metal players amid global price movements and macro factors such as tariffs.
On the cement side, Citi observed relatively muted top-down sentiment largely driven by concerns around demand-supply mismatches. However, there was bottom-up interest in select plays, with UltraTech Cement (ULTC) standing out as the consensus favorite among investors. Grasim was also among the widely tracked names.
Interestingly, investors were not overly concerned about the potential impact of Donald Trump’s proposed tariff regime, suggesting confidence in the structural resilience of Indian metal exporters. The broader takeaway is that metals remain in focus for their cyclical and policy-triggered potential, while cement is more stock-specific, driven by execution and pricing discipline.
