Tata Steel’s share price extended gains to the third straight day on Wednesday going up over 1.5% to hit an intraday high of ₹169.20 — a smidge below its all-time high of ₹169.80.

What Happened: Shares of the Tata Group company were upbeat as global research firm Jefferies maintained its positive outlook. The analysts at Jefferies maintained their “buy” rating for the steel giant raising the price target to ₹200 from ₹165. The revised target indicates an around 20% upside from the stock’s last closing price of ₹166.

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The views were shared in the research firm’s latest note on the metals and mining sector. As per the analysts, the outlook for the sector is positive due to the rise in manufacturing activities reported by both China and the US. As major consumers of metal, an increase in manufacturing activity in these countries indicates a heightened demand for metal products.

Apart from Tata Steel, Jefferies also has a “buy” rating on Hindalco with a price target of ₹700. Coal India also has been assigned a “buy” rating with a price target of ₹520. The positive commentary has driven the Nifty realty index up over 1%.

Price Action: Tata Steel’s share price was up 1.11% to trade at ₹167.85 in early trade on Wednesday.

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