Macquarie upgrades JSW Steel shares to ‘Outperform’, raises targets for JSPL, Hindalco, Tata Steel, and Coal India

Macquarie has made significant revisions to its ratings and target prices for several key players in the metals sector, factoring in upside risks in commodity prices over the next 6-12 months. The brokerage expects steel companies to benefit from the domestic price premium over import parity, steady leverage, and easing input costs.

  • JSW Steel: Macquarie has upgraded JSW Steel to an Outperform rating, raising the target price to ₹1,077 per share from the current market price (CPM) of ₹950.00.
  • JSPL: JSPL remains Macquarie’s top sector pick, with the target price raised to ₹1,170 per share, up from the CPM of ₹1,014.05.
  • Hindalco: An Outperform call has been reiterated on Hindalco, with the target price raised to ₹760 per share. Hindalco’s CPM is ₹687.30.
  • Tata Steel: Macquarie continues its Outperform rating on Tata Steel, raising the target price to ₹171 per share, compared to the CPM of ₹150.08.
  • Coal India: The target price for Coal India has also been raised to ₹541 per share, up from the CPM of ₹479.70.

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Macquarie’s revised outlook reflects its belief that steel companies are well-positioned to benefit from favorable market conditions, including easing input costs and steady financial leverage in the near term.