Indian metal stocks rally on strong earnings and credit upgrades

Adani Enterprises

15/05/2026 10:20

** India's Nifty Metal .NIFTYMET index rises 2.2% so far this week after JSW Steel JSTL.NS posts profit rise and Vedanta's VDAN.NS parent gets S&P upgrade

** Steelmaker JSW Steel reports more than two-fold jump in adjusted quarterly profit to 44.89 billion rupees ($467.92 million); co expects domestic steel demand to grow at 7-9% in FY27

** Multiple brokerages raise target price on JSTL citing favourable pricing environment

** S&P raises long-term issuer credit rating for Vedanta's London-based parent company Vedanta Resources to BB from B+

** Shares of Adani Enterprises ADEL.NS rise after reports  that the U.S. Justice Department was close to dropping criminal fraud charges against billionaire and Adani Group founder Gautam Adani

** YTD, Nifty Metal index up 19.5%

($1 = 95.9362 Indian rupees)

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))