HSBC Initiates Metals Sector Coverage: 'Buy' for Hindalco, Tata Steel; Focus on Hindalco, NALCO, Tata Steel Upsides

Overview

Global brokerage firm HSBC has launched coverage on India's metals and mining sector with a positive view. It rated Hindalco Industries, National Aluminium Company, and Tata Steel as 'Buy', citing potential upsides of 24%, 13%, and 24% respectively. Hindustan Zinc and Coal India received 'Hold' ratings, while Steel Authority of India and NMDC were rated 'Reduce' due to profitability and capex concerns.