Tata Steel, Hindalco: Here is what Jefferies says on metal stocks

Metal stocks to buy: Amid a recent spike in metal prices, global brokerage Jefferies, in its latest report, noted that a recent recovery in global purchasing managers index (PMIs) including China, is driving optimism in the metal space. "Signs of Rising Tide," said Jefferies in its report. China's manufacturing activity expanded for the first time in six months in March.

The metals and mining team remains constructive on the sector with a preference for copper and aluminium, according to the brokerage.

Jefferies has raised the target prices on Tata Steel, Hindalco, and Godrej Properties, here are the latest targets:

Tata Steel share price target

Jefferies has maintained a buy on Tata group steelmaker Tata Steel, the world's tenth-largest steel producer. The brokerage has raised the target to Rs 200 from Rs 165 on the stock.

Hindalco Industries share price target

The brokerage has maintained a buy on Aditya Birla Group firm Hindalco Industries with a raised target of Rs 700 from Rs 610.

JSW Steel share price target

The brokerage has retained a hold rating on JSW Steel, however, it has raised the target to Rs 900 from Rs 800.

Coal India share price target

The brokerage has continued with its buy call on Coal India Ltd (CIL) with a target price of Rs 520. The target implies an upside potential of over 16 per cent from current levels.

How did the S&P Metal index far in last one year?

The S&P Metal index has gained over 55 per cent in the last one year. 

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