India's metal stocks rise on China demand revival hopes

Tata Metaliks

18/01/2023 06:39

** India's metal stocks  .NIFTYMET  advance on Wednesday, on
hopes of demand recovery in China
    ** Nifty Metal .NIFTYMET  rose 1.2% as of 12:07 p.m. IST;
top sectoral gainer in today's session
    ** 13 of the 15 constituents advanced; Tata Steel and
Hindalco among top gainers 
    ** Faster reopening in China and stimulus measures to boost
the economy have provided a new lease of life for the sector,
brokerage said CLSA in a note 
    ** China is the top consumer of metals in the world
    ** CLSA prefers Hindalco  HALC.NS  as top pick among metal
firms and raises target price to 580 rupees from 515 rupees
    ** Brokerage upgrades Tata Steel  TISC.NS  to "outperform"
from "sell", TP raised to 130 rupees from 95 rupees
    ** The global brokerage firm also identified resilient
domestic demand and capacity addition in steel as positive
factors for Indian metal firms 
    ** The optimism due to China reopening offset weakness in
sentiment due to slide in third quarter earnings of pig iron and
ductile iron pipes maker Tata Metaliks  TMET.NS , which reversed
losses despite reporting a slide in key profit metrics 
    
 ($1 = 81.7700 Indian rupees)
 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))