Jefferies bets on metal's mettle, picks Coal India, Tata Steel, 2 more stocks as buys

Jefferies' stocks to buy:

Coal India: Buy | Target: Rs 520

Shares of Coal India today jumped nearly 2% to hit the day's high of Rs 449 on the NSE. The multibagger stock has delivered returns of 101% over the past 12 months and its returns this year has been over 17%, so far. This is higher from 62% and 13% given by Nifty Metal during the said time periods.

Tata Steel: Buy | Target: Rs 200 revised upwards from Rs 165

Shares of Tata Steel were up by over 1.80% around 10 am. They had hit a fresh 52 week high of Rs 169.80 on Tuesday. The stock has given returns of 61% over a 1-year period and 10.63% in 2024, so far.

Hindalco Industries: Buy | Target: Rs 700 revised upwards from Rs 610

Shares of Hindalco Industries were up nearly 2% today. The Aditya Birla Group counter has given returns of 50% over a 1-year period and negative returns of 2% in 2024, so far.

JSW Steel: Hold | Target: Rs 900 revised upwards from Rs 800

Shares of JSW Steel were up by over 1% around this time. The stock has given returns of 28% over a 1-year period and 0.79% in 2024, so far.

Metal stocks have been gaining lately amid a slew of triggers which included strong Q4 updates and improving outlook for manufacturing in world's two largest economies China and the US.

The Nifty Metal index breached the 9,000 mark hitting a fresh 52-week high of 9,015.45. It gained 120.05 points or 1.35% in the initial trade riding on the gains of Vedanta Limited which hit a new 52 week high of Rs 364.60 on the NSE, jumping 8%.

The other top gainers were NMDC, National Aluminium Company (NALCO), Steel Authority of India (SAIL), APL Apollo and Ratnamani Metals & Tubes.

Jindal Steel & Power (52 week), JSW Steel, Hindustan Copper and Hindustan Zinc were losers in the day's trade and fell up to 1%.

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