Shares of steel maker JSW Steel rose 1.6% today, making it the biggest percentage gainer in the Nifty 50. The surge came after Japanese brokerage firm Nomura issued a "buy" recommendation on JSW Steel and set a street-high target price.
Key reasons for the improvement in JSW Steel's performance:
Nomura's positive report - Nomura has given a "buy" recommendation for JSW Steel, which has created a positive sentiment among investors about the company. According to this report, there is a possibility of strong growth for JSW Steel in the market and the company can get big profits in the steel sector.
Street-high target price - The target price set by Nomura for JSW Steel is the highest in the market, due to which investors are expecting strong price movement in the company. This has increased the demand for the stock, and the shares have risen.
Positive situation of the industry - The increase in global and domestic steel demand can benefit JSW Steel greatly. Along with this, the economic position and financial stability of the company also remain strong, which provides strong support to its shares.
Possibility for investors -
Given this positive growth of JSW Steel, it can be an attractive investment opportunity for investors. After the advancement received from Nomura's recommendation, this stock has proved to be the best performer in Nifty 50.