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Informist, Friday, May 15, 2026

MUMBAI – Technical analysts expect the Nifty Metal index to gain in the near term, even when the headline index is seen consolidating. Fundamental analysts point to the earnings visibility for metal companies as there is a steady increase in underlying metal prices, save precious metals. The market will also focus on the March quarter earnings of Tata Steel, which came in earlier in the day. 

Tata Steel reported a 125% jump in its consolidated net profit for the March quarter at INR 29.26 billion, missing the estimate due to a one-time cost of INR 3.40 billion. Excluding the cost, its net profit would have been INR 32.66 billion, higher than expectations of INR 30.98 billion. Its revenue from operations rose 12% on year to INR 626.87 billion. The increase in revenue was driven by higher steel realisations in India and improved volumes in India and the Netherlands. In the near term, the company's stock is seen in a range between INR 200 and INR 225. Comments by the company's management with analysts in a call on Saturday will also be monitored.   

During the March quarter, the earnings before interest, tax, depreciation, and amortisation per tonne of most metal companies saw a steep year-on-year rise. The metric rose 40-41% for Tata Steel and JSW Steel on the back of better realisations and robust demand in the domestic market since January. Analysts said there is visibility of earnings growth for the June quarter as well. However, beyond that, analysts said there could be moderation in demand for steel during the monsoon, dragging down the earnings of steel-makers, especially in the September quarter. A rise in prices of coking coal and iron ore in the near term are some challenges for steel companies, according to brokerages.  

On Friday, the Nifty Metal index ended at 13300.60 points. The index fell as much as 2% after hitting a record high of 13628.65 points. It outperformed the headline index this week ending nearly 2% higher as opposed to 2% losses posted by the Nifty 50. In the near term, the index is expected to find support at 12865 points and as long as it holds above this level, the broader bullish trend is expected to stay intact, Rishabh Srivastava, technical analyst at Lakshmishree Investment and Securities Ltd., said. On the upside, immediate resistance is seen at 13629 points. Srivastava expects traders to buy metals stocks on every dip.  

TOP HEADLINES

* Nava Jan-Mar consol PAT falls 46% YoY to INR 1.27 billion
* Analyst Concall: JSW Steel targets ambitious capacity add, capex till FY33
* Earnings Review: JSW Steel Q4 PAT zooms on one-time gain, revenue beats view
* Amid West Asia crisis, JSW Steel output, sales in FY27 may decline on year
* JSW Steel to merge BMM Ispat with co; to give 1 shr for every 18 shrs in BMM
* HC upholds SAIL's rejection of Bhilai Eng's bid citing past performance
* Hind Zinc inks MoU with Group Nirmal for zinc wire mfg facility in Rajasthan
* JSW Steel Apr consol crude steel output down 1% on year at 2.12 mln tn
* Shyam Metalics Jan-Mar consol PAT rises 46% YoY to INR 3.19 billion
* Ashok Kumar Panda takes over as SAIL CMD, effective from May 9
* JSE Steel preferred bidder for Pissurlem mineral block in Goa

Following are the resistance and support levels for key metal stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

Reported by Gopika Balasubramanium

Edited by Avishek Dutta

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