The Nifty Metal index snapped its two-day losing streak to rise 2 percent on Friday, after falling about 3.5 percent in the previous two sessions. The gain was led by strong buying in steel stocks.
JSW Steel emerged as the top gainer, rising over 4 percent. Shares of Tata Steel climbed 4.69 percent to hit an intraday high of Rs 199.44 on the NSE.
HSBC has raised its price target on Tata Steel and reiterated a ‘buy’ rating, citing protective measures in key markets.
In a note dated March 20, the brokerage increased the target price to Rs 250 from Rs 235 earlier, implying an upside potential of 31 percent from Thursday’s closing level, reported CNBC-TV18.
The UK has recently announced import protection measures, including a 50 percent tariff and sharply reduced quotas, aimed at supporting its domestic steel sector amid concerns over global overcapacity. This follows the European Union’s move to impose a carbon price on imported steel based on emissions intensity.
HSBC said Tata Steel’s key markets now have multi-year import protections in place, and raised its earnings estimates for FY27–FY28 by 5–14 per cent.
Meanwhile, aluminium stocks came under pressure. Shares of National Aluminium Co Ltd fell 4 percent to Rs 362.75 on the NSE.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
