The Nifty Metal Index rose 1.10%, adding 114.85 points to trade at 10,582 around 10 am, compared to its previous close of 10,467.15.
Among the constituents, Welspun Corp shares led the gains, rising 3.03% to Rs 899.50, followed by Jindal Steel, which advanced 2.82% to Rs 1,063.50. Tata Steel shares added 2.04% to trade at Rs 180.26, while Hindalco shares rose 1.72% to Rs 855.30.
Further, National Aluminium (NALCO) shares gained 1.06% to Rs 240.40, JSW Steel shares increased 0.76% to Rs 1,159.30, Vedanta shares were up 0.62% to Rs 508.40, and NMDC shares edged 0.55% higher to Rs 74.78.
Among the stocks, Tata Steel, in a latest note, was upgraded by brokerage firm Motilal Oswal from ‘Neutral’ to ‘Buy’, with a revised target price of Rs 210. The brokerage projected an upside potential of 19% from the last close of Rs 177 per share.
In its note, Motilal Oswal stated that Tata Steel stands to benefit from improved steel price realizations, operating efficiencies, and strong domestic demand. The implementation of the safeguard duty is expected to support better realization from domestic operations.Additionally, Hindalco Industries witnessed a strong momentum in the recent trading sessions, coinciding with a surge in global copper prices, which climbed to a 16-month high. Further, Vedanta’s stock gained for the fourth consecutive session, with the gains coming as aluminium prices on the London Metal Exchange surged. Additionally, the company recently announced an investment of Rs 1 lakh crore in Odisha, which includes a Rs 2,000-crore ferro-alloys plant in Keonjhar and two new aluminium parks, aimed at creating over one lakh direct and indirect employment opportunities.
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