Buying in the sector came despite a setback in overall market sentiment, as tensions in West Asia resurfaced just a day after the United States and Iran agreed to a temporary two-week ceasefire
Most brokerages expect a healthy improvement in earnings for the ferrous sector, with Ebitda growth likely on both a year-on-year (Y-o-Y) and quarter-on-quarter (Q-o-Q) basis
Equirus Securities has maintained a 'Long' call with an unchanged SOTP-based Mar'27 target price of ₹2,100 per share
Excluding National Aluminium, 14 of 15 index constituents rose on Friday, with Lloyds Metals & Energy, Tata Steel, JSW Steel, Jindal Steel, and APL Apollo Tubes gaining over 3 per cent each
Among sector players, Nomura has maintained Buy recommendations on Tata Steel with a target price of ₹220 per share, JSW Steel at ₹1,340, Jindal Steel at ₹1,280, and Lloyds Metals & Energy at ₹1,600
Metal shares declined on Wednesday, following weakness in global markets and a broad-based risk-off sentiment triggered by escalating geopolitical tensions in West Asia
Tata Steel, JSW Steel and Jindal Steel hit their respective all-time highs on the NSE today
Lloyds Metals and Energy is transitioning from a pure-play miner to a more stable, diversified and less cyclical business, Nomura said.
The share price increased by 16.56 per cent in last two session
However, in the past one month, the Nifty Metal index has rallied 10 per cent, as against 0.17 per cent rise in the Nifty 50.
Metal stocks in demand: Analysts expect non-ferrous players to witness margin expansion in Q3 with LME prices continuing an uptrend compared to Q2.
RVNL, Jupiter Wagons, KEC International, JSW Infra, GE Vernova, HBL Engineering, KSB, Lloyd Metals and Sagility are seen trading above the Supertrend indicator in Monday's intra-day trade, show charts
Stocks to watch on December 11: Puravankara, Petronet LNG and Prestige Estates are among other top stocks to track today