Jefferies turns 'positive' on Indian metals on easing Covid curbs in China

The change in stance comes after almost a year of cautionary view. The Nifty Metal index advanced over 2 per cent while shares of Tata Steel surged nearly 6 per cent

Shares of metal companies were in focus as the Nifty Metal Index was the top sectoral gainer, up over 2 per cent, after global brokerage firm Jefferies turned positive on Indian metals.

Since China started to ease Covid curbs, the support has started to plague its property sector, observed the brokerage.

Among individual stocks, shares of Tata Steel surged nearly 6 per cent today after analysts at the brokerage upgraded the stock from ‘hold’ to ‘buy’.

“Tata Steel’s price-to-book value and enterprise value-to-invested capital valuations are close to its long-term average, which we find attractive amid its improving asset footprint