Apart from Tata Steel, the other metal gainers included Ratnamani Metal followed by Jindal Steel & Power, NMDC, NALCO and Hindustan Copper.
The Indian stock market hit new record high on November 17 after positive COVID-19 vaccine developments. Sensex is up 131.24 points or 0.3 percent at 43769.22, and the Nifty added 36 points or 0.28 percent at 12816.30.
Among the sectors, the metal index outperformed, gaining over 2 percent led by Tata Steel which spiked 7 percent after the company declared its Q2 results. On November 13, the company reported a 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore, against Rs 4,043.5 crore in the corresponding quarter a year ago.
Total revenue from operations stood at Rs 37,154 crore against Rs 34,579 crore YoY. EBITDA stood at Rs 6,217 crore against Rs 3,893 crore YoY.
Morgan Stanley has remained overweight and has raised target to Rs 690 from Rs 565 per share. Jefferies has also retained buy call and raised target to Rs 680 from Rs 485.
BofAML has reiterated buy with target raised to Rs 670 from Rs 510 per share while JP Morgan remained overweight and raised target to Rs 690 from Rs 580. Credit Suisse has kept outperform call on the stock and has raised target to Rs 630 from Rs 365.
Tata Steel was one of the most active stock with 3,47,71,324 shares being traded at 11:27 hours.
The other metal gainers included Ratnamani Metal followed by Jindal Steel & Power, NMDC, NALCO and Hindustan Copper which gained 3-4 percent each.
Domestic brokerage firm Emkay Global Financial Services has a buy on NMDC with target of Rs 136 per share. It has maintained buy with a revised target of Rs136 after incorporating the allocation premium for all mines from FÝ22, except for K’swamy which starts in H2FY23, it said.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.