Budget 2026: Hindustan Copper, Hind Zinc, Tata Steel, GMDC, SAIL, Vedanta among metal stocks in focus today

Budget 2026: Hindustan Copper Ltd, Hindustan Zinc, GMDC Ltd, Vedanta Ltd and Hindalco Industries Ltd were among the metals and mining stocks in focus on February 1. Others included state-run SAIL, Jindal Steel, Tata Steel and Jindal Stainless, among others.
Aluminium stocks such as Hindalco, Vedanta and National Aluminium Company Ltd (Nalco) are in focus amid hopes of an increase in basic customs duty across aluminium products to uniform 15 per cent from current 2.5-10 per cent. These stocks may also react in case there is any reduction in customs duty on calcined pet coke, raw pet coke, aluminum fluoride and caustic soda, as anticipated.

Steel stocks such as Tata Steel, Jindal Steel, JSW Steel, Jindal Stainless and SAIL are in focus amid hopes of a reduction or removal of the 2.5 per cent basic customs duty on coking coal.

Anand Rathi Share and Stock Brokers said a new policy framework supporting ‘Make in India’ is expected to reduce import reliance. This strategic shift is a major positive for Hindustan Copper, GMDC and Hindustan Zinc, it said.

Also Read: Budget 2026 Live Blog

"High budgetary allocation for track modernisation and metro connectivity is expected, which is a major tailwind for SAIL and Jindal Steel. For metro projects and stainless-steel rolling stock, Jindal Stainless stands as a primary beneficiary. While indirectly benefiting input suppliers like IMFA and MOIL," it said.

Any reduction in the 2.5 per cent basic customs duty on coking coal may cut cost of production for steel players such as Tata Steel, Jindal Steel, JSW Steel and SAIL, said Antique Stock Broking. It said export duty removal low grade iron ores may help realisation of low grade iron ore fines and may benefit NMDC.

Axis Securities said Budget 2026 is expected to unveil a new policy aimed at reducing import dependence by boosting domestic production of silver, copper and zinc. The brokerage said the focus is likely to be on increasing private sector participation in mining and processing, along with incentives to improve silver recovery as a by-product under the Make in India initiative.

On rare earth elements, it said the government aims to build a long-term domestic ecosystem to secure supply chains for high-technology industries such as electric vehicles and electronics. Since REE mining is a complex, multi-year process, the Budget may introduce initial incentives for prospecting and refining to reduce long-term dependence on global suppliers, Axis Securities said.

Separately, Axis Securities said there are expectations that the government may impose a 3 per cent safeguard duty on imports of copper cathode, rod, wire and tube, irrespective of free trade agreement status.

It also highlighted the possible correction of the tariff rate quota under the India–UAE Comprehensive Economic Partnership Agreement to curb the surge in imports. The brokerage sees Budget 2026 as positive for Tata Steel, Nalco, Hindalco Ltd, SAIL, Hindustan Zinc and Hindustan Copper.

Emkay Global, meanwhile, said any policy-led push for critical minerals would be a medium-term positive for India’s metals and mining ecosystem, including companies such as GMDC and Midwest Ltd.