Jefferies highlighted that its covered metal stocks – Tata Steel, Hindalco and JSW Steel (JSTL) – are down 5-14% CYTD (Nifty 50: -2%), underperforming most global peers, which are up 5-34% during the said period. “While the overseas businesses of Tata Steel (Tata Steel Europe) and Hindalco (Novelis) disappointed in December Quarter results, stock underperformance to global peers with similar underlying exposures appears too harsh. For TATA in particular, the European business (TSE) contributes just Rs11/sh of EV to our price target of ₹145. We see the recent underperformance as a buying opportunity in Indian metals; our top pick is TATA, followed by HNDL," it suggested. The brokerage has Buy ratings on metal stocks Tata Steel shares with a target price of ₹145 apiece and Hindalco with a target price of ₹570. Meanwhile it has underperform (UNPF) rating on JSW Steel shares with target price of ₹470. “China economic data is showing signs of recovery with manufacturing PMI rising to 11-year-high and property prices starting to stabilize. After 23% fall in CY22, China export steel price is up 14% in CYTD 2023. Asian steel spreads are still 10% below long-term average though, and we see scope for further expansion," […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
