Nomura sees good times for Indian steel players, picks JSW Steel, Jindal Steel

September 23, 2025

Nomura reaffirmed its bullish stance on India’s steel sector, citing strong domestic demand, Chinese production cuts, and potential Beijing stimulus. It raised targets for JSW Steel (Rs 1,300) and Jindal Steel (Rs 1,150), forecasting capacity-driven growth and EBITDA expansion. Import curbs, firm demand, and improving pricing dynamics support sector outlook.

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