Govt's infra focus to boost Indian metal cos: Prabhudas Lilladher

Jindal Stainless

29/08/2023 08:35

** India's Nifty Metal index  .NIFTYMET  rises as much as
1.24%; among top sectoral gainers
    ** Blue-chip Nifty 50  .NSEI  up 0.20% as of 12:55 p.m. IST
    ** Steel consumption in India to grow 9% over fiscal
2023-2025 led by government's focus on building infrastructure,
says domestic brokerage Prabhudas Lilladher
    ** Sees gains for sector from China's gradual recovery,
rising private capex, recovery in automobile and realty sectors
    ** Expects margin expansion for metal companies from
softening raw material prices, steady demand
    ** Initiates coverage on metals sector with "buy" rating on
JSW Steel  JSTL.NS , Tata Steel  TISC.NS , Jindal Steel and
Power  JNSP.NS , Jindal Stainless JIST.NS> and Hindalco
 HALC.NS  
    ** Assigns "accumulate" rating on Steel Authority of India
 SAIL.NS  and National Aluminium Co  NALU.NS      
    ** Metal index down 1.8% in 2023 so far vs 6.8% rise in
Nifty 50 - Refinitiv data

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))