DAM Capital has initiated a buy rating on the following steel stocks:
- JSPL with a target price of ₹1,300
- JSW Steel with a target price of ₹1,255
- Tata Steel with a target price of ₹185
- SAIL with a target price of ₹130
The brokerage highlights that China’s steel spreads have fallen to their lowest levels in many years, which may prompt Chinese mills to enforce supply discipline. Meanwhile, DAM Capital notes that capacity expansions among Indian steel players are expected to bolster profitability, putting them in a better position than in previous cycles. India is also anticipated to be a significant driver of global steel demand going forward.
Disclaimer: This information is for informational purposes only and should not be considered financial advice. Please consult with a financial advisor for any investment decisions.
