Metal stocks such as Tata Steel, Jindal Steel and Power, Vedanta, NMDC and SAIL are down up to 10% this year. The correction in these metal stocks comes after new US President Donald Trump said he would soon introduce 25 per cent tariffs on steel and aluminium imports into the US. On February 3, shares of Vedanta, Tata Steel, NMDC, SAIL, Hindalco, Jindal Steel and JSW Steel fell up to 7% after Trump imposed tariffs on China, Canada and Mexico.
The sentiment in the metal sector as a whole has been very negative in 2025.
The BSE metal index has lost 986 points or 3.42% this year amid the ongoing market correction. On similar lines, Sensex has slipped 1.57% and Nifty is down 1.68% during the period.
Interestingly, the BSE metal index has gained 3.36% or 905 pts during the last one year. This signals gains of last one year are equal to losses of 1.5 months this year, in terms of magnitude (point terms). The comparison also underscores the severe selling pressure metal stocks have witnessed in 2025.
On a year to date basis, Jindal Steel and Power stock is down 10.33%, SAIL shares fell 9.07%, NMDC down 5.53%, Vedanta declined 3.32% and Tata Steel stock lost 3%. However, shares of Hindalco and JSW Steel were up 1.07% and 6.53%, respectively this year.
In the current session, Tata Steel shares slipped 1.19% to Rs 132.40 against the previous close of Rs 134. Market cap of the firm fell to Rs 1.65 lakh crore.
Jindal Steel and Power stock was trading flat at Rs 837.60 against the previous close of Rs 840.40 Market cap of the firm stood at Rs 85,442 crore.
Shares of JSW Steel rose over 0.27% to Rs 962 against the previous close of Rs 959.45 on BSE.
Steel Authority of India stock slipped 2.85% to Rs 102.10. Shares of Vedanta climbed fell 1.77% to Rs 428.20 against the previous close of Rs 435.90. Market cap of the firm slipped to Rs 1.67 lakh crore. Hindalco stock was trading on a flat note at Rs 596.60 against the previous close of Rs 596.10 on BSE. Market cap of the firm rose to Rs 1.34 lakh crore.
Metal stock NMDC fell 3.26% to Rs 61.94 today with a market cap of Rs 54,456 crore.
Here's a look at price targets for these stocks for a year.
Tata Steel
Global brokerage JP Morgan has maintained an overweight stance on the stock with a target price of Rs 155. The company reported a better EBITDA on the back of lower-than-expected other expenses. Net debt reduction is a key positive for the company said the brokerage adding that earnings surprise was led by both India and US. Average selling prices were slightly better than expectations. Management's clarity on trajectory of raw material costs and Europe business profitability are key monitorables, said the global brokerage.
Global brokerage Morgan Stanley has maintained equal weight rating on the stock with a target price of Rs 160. The brokerage said the company posted good show on domestic business. Its UK business performance was in line and other geographies did well said the brokerage adding that lower freight, handling, and repair costs boosted earnings.
NMDC
Motilal Oswal has a price target of Rs 64 for NMDC stock.
"In 3QFY25, volume growth picked up QoQ after a sluggishness in 1HFY25 due to general elections and monsoon. NMDC took significant price hikes during 9MFY25 (+14% YoY) to offset the adverse volume impact, translating into a healthy operating profit. We expect that going forward, a healthy volume pick-up and stable realization would drive healthy operating growth. Therefore, we largely maintained our estimates for FY25-27. NMDC has planned a capex for various evacuation and capacity enhancement projects, which are expected to improve the product mix and increase its production capacity to ~100mt by FY29-30. At the current market price (CMP), NMDC trades at 3.2x EV/EBITDA on FY27E. We reiterate our BUY rating on NMDC with a revised TP of INR80 (based on 4.5x FY27E EV/EBITDA)," said the brokerage.
Jindal Steel and Power
Anand Rathi has a buy call on the Jindal Steel and Power stock with a price target of Rs 990.
"We believe the stock would face headwinds in the near term; however, long-term growth prospects are positive. Robust demand for steel in India is expected to persist and the company from Q1 FY26 is expected to achieve quarterly volumes of 2m tonnes. The slurry pipeline, BOF–II and BF–II facilities are progressing per timelines and the 400,000 tonne CR mill -II is expected to start operations in Q4 FY25. We retain our Buy rating with a target price of Rs 990, 6x FY26e EV/EBITDA," said the brokerage.
Vedanta
Nuvama has a price target of Rs 633 on the stock.
"We factor in an EBITDA CAGR of 22 per cent over FY24–27E to Rs 63,700 crore. We believe the aluminium segment will be the biggest growth driver, and the company will position itself in the first decile of the world cost curve by FY28E. We retain the positive stance on Vedanta amid company-specific triggers such as high dividend, cost reduction and volume growth in aluminium and zinc from FY26 and demerger of businesses, unlocking value," said Nuvama.
Motilal Oswal has a neutral rating on the metal stock with a price target of Rs 500.
"Vedanta's Q3 performance came largely in line across segments. Capex plans are progressing well and will likely lead to further cost savings," said MOFSL.