Vedanta, Hindalco remain Arun Kejriwal's top two metal stock picks; shares view on IPO market
"The metal space emerged as the top-performing sector last calendar year. In the first 15 days of this year, again, the metal pack has outperformed every other index,” the market expert said.
- Jan 16, 2026,
- Updated Jan 16, 2026 12:49 PM IST
Market veteran Arun Kejriwal on Friday said the metal sector has emerged as the top-performing space, continuing the momentum it built last calendar year. Speaking to Business Today, Kejriwal noted that metals have again outpaced other indices in the early part of 2026.
"The metal space emerged as the top-performing sector last calendar year. In the first 15 days of this year, again, the metal pack has outperformed every other index,” he said.
"Now, very clearly, the demand that you see in gold, silver has also spilt onto aluminium, copper and zinc. They seem to be doing extremely well with now a rub-off effect even coming to steel," Kejriwal added.
"While steel is a laggard compared to the remaining, it is trying to play catch-up. So there is value, and if you believe that you don't want to get into the speculative realm, which probably gold and silver are getting into, this is a safer bet and you can park some amount of money here," he also stated.
Highlighting his preferred picks, Kejriwal said, "What comes to mind here are two companies in particular, one is Hindalco Industries Ltd, which is a play on aluminium and copper, and the second is Vedanta Ltd, which is a play on aluminium, copper and zinc. Along with zinc, you also have some amount of play on silver."
Commenting on the primary market, Kejriwal expressed caution, pointing to the performance of recent listings. "In 2025, more than 100-odd IPOs that came, quite a few of them have failed to deliver in spite of the hype that was created about them," he said.
"Probably the expectation of bumper subscriptions tempted the merchant bankers and promoters to overcharge, and that is now having a cascading effect with issues anywhere between 15 and 35 per cent below issue price," Kejriwal noted.
"With the Q3 numbers that come out, it would be a fair time to look at them, evaluate whether they have steam left. In case they do, they would be at attractive prices. So, post Q3 would be an opportunity to relook at those stocks which have listed in calendar year 25 and are currently well below the issue price."
Market veteran Arun Kejriwal on Friday said the metal sector has emerged as the top-performing space, continuing the momentum it built last calendar year. Speaking to Business Today, Kejriwal noted that metals have again outpaced other indices in the early part of 2026.
"The metal space emerged as the top-performing sector last calendar year. In the first 15 days of this year, again, the metal pack has outperformed every other index,” he said.
"Now, very clearly, the demand that you see in gold, silver has also spilt onto aluminium, copper and zinc. They seem to be doing extremely well with now a rub-off effect even coming to steel," Kejriwal added.
"While steel is a laggard compared to the remaining, it is trying to play catch-up. So there is value, and if you believe that you don't want to get into the speculative realm, which probably gold and silver are getting into, this is a safer bet and you can park some amount of money here," he also stated.
Highlighting his preferred picks, Kejriwal said, "What comes to mind here are two companies in particular, one is Hindalco Industries Ltd, which is a play on aluminium and copper, and the second is Vedanta Ltd, which is a play on aluminium, copper and zinc. Along with zinc, you also have some amount of play on silver."
Commenting on the primary market, Kejriwal expressed caution, pointing to the performance of recent listings. "In 2025, more than 100-odd IPOs that came, quite a few of them have failed to deliver in spite of the hype that was created about them," he said.
"Probably the expectation of bumper subscriptions tempted the merchant bankers and promoters to overcharge, and that is now having a cascading effect with issues anywhere between 15 and 35 per cent below issue price," Kejriwal noted.
"With the Q3 numbers that come out, it would be a fair time to look at them, evaluate whether they have steam left. In case they do, they would be at attractive prices. So, post Q3 would be an opportunity to relook at those stocks which have listed in calendar year 25 and are currently well below the issue price."