Shares of Tata Steel were upbeat on Monday morning along with several other steel stocks such as SAIL and Jindal Steel and Power.

What Happened: Global investment banking firm Morgan Stanley posted its note on India’s steel industry. The research firm said that domestic demand would continue to remain robust in 2024 but the weak global macro outlook will impact the companies. The firm maintained its “equal-weight” rating for the stock raising the price target to ₹120 from ₹115.

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The firm added that the steel stocks have underperformed this year, and would continue to underperform in 2024 as well. Apart from the weak global outlook, the firm highlighted two other reasons for the underperformance. Firstly Morgan Stanley said that domestic supply outpaces domestic demand and secondly the steel stocks at their current valuation are unattractive.

Shares of Tata Steel have subdued this year. Since the start of the year, the stock has gone up around 8%. JSW Steel has also seen a mere 7% rise on a year-to-date basis, whereas SAIL has climbed 11% this year.

Price Action: Tata Steel’s share price was up 0.58% to trade at ₹129.95 on Monday morning.

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