At 9:17 AM today, shares of Tata Steel, JSW Steel, and Hindalco saw strong upward momentum following a bullish update from Macquarie. The brokerage upgraded its outlook on multiple metal stocks, raising their target prices and signaling positive growth potential.
Current Stock Prices (as of 9:17 AM):
- JSW Steel stock: ₹983.85 (+3.74%)
- Jindal Steel stock: ₹1,034.40 (+3.15%)
- Hindalco stock: ₹694.45 (+1.50%)
- Tata Steel stock: ₹152.60 (+2.05%)
Macquarie on Metals:
- JSW Steel shares have been upgraded to an outperform call, with their target price raised to ₹1,077 per share.
- Jindal Steel and Power (JSPL) shares remain the top sector pick, with a target price increase to ₹1,170 per share.
- Hindalco shares received an outperform call, with their target price raised to ₹760 per share.
- Tata Steel shares were also given an outperform call, with their target price now set at ₹171 per share.
- Coal India shares received a revised target price of ₹541 per share.
Macquarie’s outlook on the metals sector factors in upside risks in commodity prices over the next 6-12 months. Additionally, steel companies are expected to benefit from the domestic price premium to import parity, alongside steady leverage and easing input costs.
This positive analyst outlook has pushed Tata Steel, JSW Steel, and Hindalco shares higher during early trading hours.
