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Axis Securities has turned constructive on the metals and mining space, advising investors to use any market correction as a buying opportunity amid rising geopolitical tensions in West Asia. The brokerage said supply disruptions, stronger domestic steel demand and safeguard duty support are creating a favorable backdrop for Indian steelmakers and select commodity-linked stocks.
Axis has a Buy rating on Tata Steel with a target price of Rs 220 and on Coal India with a target of Rs 500. It has assigned Hold ratings to SAIL and Hindalco, with target prices of Rs 160 and Rs 1,050, respectively. The brokerage noted that hot-rolled coil prices rose 14 percent quarter on quarter, while rebar prices gained 7 percent, outpacing the increase in key raw materials such as coking coal and iron ore.
Axis added that upstream steel production at Tata Steel and SAIL may see limited direct impact, though some downstream operations could face pressure from higher gas costs and disruption risks. Overall, the brokerage remains positive on the sector despite export-related uncertainties.
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