Private Sector

D-Street Buzz: Metal stocks shine led by Tata Steel, stock jumps 7%

D-Street Buzz: Metal stocks shine led by Tata Steel

D-Street Buzz: Metal stocks shine led by Tata Steel, stock jumps 7%; JSPL, Hindustan Copper up 4% each

D-Street Buzz: Metal stocks shine led by Tata Steel, stock jumps 7% – Indian stock market hit a 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 therefore 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 corporate declared its Q2 results with 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore, against Rs 4,043.5 crore within the corresponding quarter a year ago, revenue from operations stood at Rs 37,154 crore against Rs 34,579 crore YoY.

Morgan Stanley has remained overweight and has raised the target to Rs 690 from Rs 565 per share retained buy call and raised the target to Rs 680 from Rs 485, against Rs 3,893 crore YoY, EBITDA stood at Rs 6,217 crore.

At around Rs 670 from Rs 510 per share for BofAML has reiterated buy with target raised while JP Morgan remained overweight and raised the target to Rs 690 from Rs 580. Credit Suisse has kept outperform turn the stock and has raised the target to Rs 630 from Rs 365.

With one of the highest active stock with 3,47,71,324 shares being traded at 11:27 hours Tata Steel was one among the foremost included Ratnamani Metal followed by NALCO and Hindustan Copper and Jindal Steel & Power, NMDC, which gained 3-4 percent each.

Domestic brokerage Emkay Global Financial Services features a buy on NMDC with a target of Rs 136 per share buy with a revised target of Rs136 after incorporating the allocation premium for all mines from FÝ22, apart from K’swamy which starts in H2FY23, it said.

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