JSW Steel shares rose over 2% after Morgan Stanley upgraded its outlook on the domestic steel sector, citing improving demand and a favorable global macro environment. The brokerage highlighted that the “China anti-involution” trend is gaining traction, contributing to a more stable global steel pricing scenario. As of 9:42 AM, the shares were trading 2.46% higher at Rs 1,099.50.
As part of its sector update, Morgan Stanley raised its steel price estimates by 3% for FY27 and FY28, signaling optimism for select steel stocks to outperform the broader India materials space in the coming months.
JSW Steel was upgraded to overweight with a revised target price of ₹1,300 per share. SAIL was upgraded to equal-weight with a target of ₹140 per share, while Jindal Steel & Power (JSPL) remains equal-weight with a higher target of ₹1,150 per share.
Morgan Stanley noted that improving domestic demand, coupled with supportive global conditions, underpins its positive outlook for the sector. It expects JSW Steel to lead gains in the near term, while SAIL and JSPL are likely to track the broader market.
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