Jefferies has identified Coal India, Hindalco, Tata Steels, and JSW Steel as its top picks in the metal sector. After navigating a challenging fiscal year 2023, Jefferies adopts a cautiously optimistic stance for 2024, anticipating a positive shift in the macroeconomic backdrop.
The report says a positive outlook for the metals sector, foreseeing a growth trajectory with a projected 6-15% Compound Annual Growth Rate (CAGR) in volumes over the fiscal years 2024-2026 for key players including Coal India, Tata Steel, and JSW Steel.
The optimism is rooted in the anticipation of a positive macroeconomic environment, indicating a potential upswing in the metal sector. Jefferies’ strategic selection of top-performing companies aligns with their vision for sustained growth and profitability.
As market participants look forward to potential opportunities in the metals industry, the insights provided by Jefferies serve as a valuable guide, shedding light on the promising prospects and preferred investment avenues within the sector. Investors and stakeholders will be closely monitoring the performance of these recommended metal stocks as they position themselves for potential gains in the evolving economic landscape.
Here are top picks of Jefferies in Metal sector
COALINDOA (Coal India)BUY | CMP: 382 | TARGET: 450 | Upside: 6%
HINDALCO (Hindalco Industries)BUY | CMP: 610 | TARGET: 725 | Upside: 10%
TATAPOWER (Tata Steel)BUY | CMP: 140 | TARGET: 160 | Upside: 14%
JSWSTEEL (JSW Steel)HOLD | CMP: 878 | TARGET: 800
