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HomeSTOCKSBuying Opportunity In These 3 Metal Stocks; Target Price Has Been Increased

Buying Opportunity In These 3 Metal Stocks; Target Price Has Been Increased

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Overall global conditions indicates Indian metal companies is bullish amid the recent increase in manufacturing activity globally, including in the US and China.

In a note, it sees good potential in the sector, especially in companies involved in copper and aluminum businesses. 

In today’s market condition you can consider buying the shares of Tata Steel Ltd and Hindalco Industries Ltd. We can expect Tata Steel share price Rs 165 to 200 Rs per share.

This is 21 percent more than the closing price of Rs 165.15 on BSE on April 10 of Tata Steel’s shares.

The target price will also increased for Hindalco Industries Ltd from Rs 610 to Rs 700 per share. This is 16 percent higher than the share’s closing price of Rs 601.95 on BSE on April 10.

What Is The Stance Regarding Jsw Steel?

The share of JSW Steel Ltd can be considered to “hold”. However, the target price has been increased from Rs 800 to Rs 900. 

This represents an increase of about 2 percent from the stock’s closing price of Rs 883.80 on April 10 on BSE. Analysts believe that the positive sentiment in metal stocks is due to the huge increase in manufacturing activities in China and America. 

Both countries are major consumers of the metal. In such a situation, an increase in manufacturing activity will increase the demand for metal.

Growth In The Manufacturing Sector In The US for The First Time In 18 Months

According to the ISM report, the manufacturing sector in the US saw growth for the first time in 18 months. The US manufacturing PMI rose to 50.3 in March from 47.8 in February 2024, its highest reading since September 2022. 

Similarly, China’s manufacturing activity expanded in March for the first time since September, indicating stability in China’s economy. China’s PMI increased from 49.1 in February to 50.8 in March.

Disclaimer: The information on this site is only for informational and educational purposes and shouldn’t be considered financial advice or stock recommendations. We are here to provide timely updates about the stock market and financial products to help you make better investment choices.

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