IndusInd Bank, Axis, Kotak & JSW Steel shares: Dharmesh Kant of Cholamandalam Securities weighs in
On the metals space, Kant said, "Metals are witnessing quite a healthy upside traction." He pointed out that JSW Steel delivered a strong performance, supported by capacity expansion plans and operational efficiency initiatives.
- Jan 27, 2026,
- Updated Jan 27, 2026 11:04 AM IST
Dharmesh Kant, Head of Equity Research at Cholamandalam Securities, on Tuesday shared his views on select metal and banking stocks. On the metals space, Kant said, "Metals are witnessing quite a healthy upside traction." He pointed out that JSW Steel delivered a strong performance, supported by capacity expansion plans and operational efficiency initiatives.
"JSW Steel Ltd reported a good set of numbers. The management was very aggressive on the capacity expansion fund. From 35 million tonnes per annum to 50 million tonnes per annum is what they are targeting in the next 3 to 4 years, and at a very reasonable cost," he told Business Today.
Addressing valuation concerns, he said, "Some may argue that valuations are at all-time highs. In light of the environment and going into the infrastructure spending that is happening in the country, ferrous producers will continue to have upside traction and JSW Steel stands as a good bet. We have been recommending this for 4-5 months consistently."
Commenting on the banking sector, Kant said private sector lenders reported stable and broadly in-line numbers. "Numbers reported by the private sector, large caps like Kotak Mahindra Bank Ltd, Axis Bank Ltd and IndusInd Bank Ltd were fairly in line and quite stable kind of numbers."
He pointed to traction in certain segments, noting that the bank saw good momentum in the SME and corporate loan books. Retail, however, remained relatively conservative, with secured credit -- particularly credit cards and personal loans -- showing slower growth.
For IndusInd Bank, Kant highlighted that this could be the right time to enter. "I think this is the right time if you are an investor looking for strong, meaningful gains. So this is the right time to get into IndusInd Bank. It will give you a meaningful return. So that's the cheapest on the valuation metrics from a long-term perspective."
He added, "Otherwise, Axis and Kotak are also doing fairly well. I think they will catch up with the public sector players on the long-term portfolio soon."
Dharmesh Kant, Head of Equity Research at Cholamandalam Securities, on Tuesday shared his views on select metal and banking stocks. On the metals space, Kant said, "Metals are witnessing quite a healthy upside traction." He pointed out that JSW Steel delivered a strong performance, supported by capacity expansion plans and operational efficiency initiatives.
"JSW Steel Ltd reported a good set of numbers. The management was very aggressive on the capacity expansion fund. From 35 million tonnes per annum to 50 million tonnes per annum is what they are targeting in the next 3 to 4 years, and at a very reasonable cost," he told Business Today.
Addressing valuation concerns, he said, "Some may argue that valuations are at all-time highs. In light of the environment and going into the infrastructure spending that is happening in the country, ferrous producers will continue to have upside traction and JSW Steel stands as a good bet. We have been recommending this for 4-5 months consistently."
Commenting on the banking sector, Kant said private sector lenders reported stable and broadly in-line numbers. "Numbers reported by the private sector, large caps like Kotak Mahindra Bank Ltd, Axis Bank Ltd and IndusInd Bank Ltd were fairly in line and quite stable kind of numbers."
He pointed to traction in certain segments, noting that the bank saw good momentum in the SME and corporate loan books. Retail, however, remained relatively conservative, with secured credit -- particularly credit cards and personal loans -- showing slower growth.
For IndusInd Bank, Kant highlighted that this could be the right time to enter. "I think this is the right time if you are an investor looking for strong, meaningful gains. So this is the right time to get into IndusInd Bank. It will give you a meaningful return. So that's the cheapest on the valuation metrics from a long-term perspective."
He added, "Otherwise, Axis and Kotak are also doing fairly well. I think they will catch up with the public sector players on the long-term portfolio soon."