Tata Steel a top pick: Ambit Capital

Mukherjea told CNBC-TV18, "In metals Tata Steel has pulled itself together quite nicely over the last couple of years. In their Indian business I think they will probably get back to their 2008 earnings, which is a really creditable achievement and as it is becoming evident iron ore availability is becoming scarce in our country and if the government pushes Coal India towards supplying more coal to the power sector obviously the steel sector, the aluminum sector will be deprived of coal. So a big player like Tata Steel with guaranteed access to coal becomes an even more dominant player in the years ahead. Tata Steel in the ferrous pack is by far the best play."

He further added, "In non ferrous Hindalco is looking interesting. But I have got some cyclical concerns on the aluminum space. So the totality of metals mining I pick Tata Steel as out top pick followed by Hindalco."