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Business News/ Markets / Stock Markets/  Tata Steel, JSW, JSPL, SAIL share prices rise up to 46% in 6-months: Should you Buy, Sell or Hold the stocks?

Tata Steel, JSW, JSPL, SAIL share prices rise up to 46% in 6-months: Should you Buy, Sell or Hold the stocks?

Stock Market today: Tata Steel, JSW, Jindal Steel, SAIL share price have risen 6-46% in last six months. The steel demand remains strong and though steel prices trade in narrow range, are likely to have bottomed out, say analysts. Some pickup in exports also is expected soon.

Tata Steel, JSW, Jindal Steel, and Power, SAIL share price have risen 6-46% in last six months.Premium
Tata Steel, JSW, Jindal Steel, and Power, SAIL share price have risen 6-46% in last six months.

Stock Market Today- Share prices of Tata Steel, JSW Steel, Jindal Steel and Power (JSPL), Steel Authority of India Ltd (SAIL) are up 6-46% in last six months. Domestic steel demand remains strong led by good impetus from the government capex on infrastructure . This has been driving sales and volume growth and keeping outlook firm. 

The steel prices , nevertheless continue showing mixed trend. The  optimism though prevails on pickup in China demand supporting international steel prices , the same remains watched for now. 

Domestic Steel prices remained weak in January and have not seen any substantial uptick in February too, said analysts.

Analysts at Elara Securities India Private Limited India limited indicated that during first half February,  domestic HRC (Hot rolled Coil) prices were broadly flat Month on Month , primary long product prices were up 1% month on month versus January, Prabhudas Lilladher recent channel checks too indicated no major improvement either,

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Domestic steel prices have remained range-bound, with trade-level flat steel prices down Rs100 a  tonne week-on-week at 53,900  tonne and trade-level long steel prices down 200 a t at 51,600 a tonnne, as per Motilal Oswal Financial Service report date 26th February

In order to restore the demand-supply balance, Tier-I mills undertook production curbs for long steel products, which reduced their inventory by 80-100 kt month-on-month. The drop in steel inventory will help to arrest the continuous fall in long steel prices said analysts. 

We believe long steel prices have almost bottomed out, and though the prices are expected to pick up, they would continue to trade in a narrow range due to the ongoing slowdown in the project segment and liquidity crunch, said analysts at MOFSL. 

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While the prices may not be moving up and staying stable, however analysts and industry experts maintain positive outlook and are optimistic.

Brij Bhushan Agarwal is the Vice Chairman and Managing Director of Shyam Metalics and Energy Ltd said that there is optimism in the economy.  Steel demand remains decent and this is in spite of geopolitical scenario. The long product demand is expected to remain good and new project launches are likely to help. Manpower availability has also improved. The plants are generally running at good utilisation levels pointed Agarwal. The positive also is that Coal availability remains good in the country, as per Agarwal.

Thus bottoming out of steel prices, strong demand and better coal availability are all positives for steel manufacturer. Pick up in exports could further help

Analysts at Prabhudas Lilladher said that Steel companies are eyeing export markets as Indian HRC continue to trade at discount on import parity basis. A cut in benchmark lending rate by China is expected to boost housing sector. Top picks of prabhudas Lilladher include Jindal Steel and Power and Jindal Stainless.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions









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Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 27 Feb 2024, 03:04 PM IST
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