New Delhi, Sept. 9 -- Morgan Stanley said JSW Steel's share price may outperform the broader market over the next 60 days. The brokerage initiated a tactical call on the stock with an 'overweight' rating and set a price target of Rs.1,300, suggesting an upside potential of 18 percent.

"We estimate that there is about an 80 percent-plus (or 'highly likely') probability for the scenario," the brokerage added.

Morgan Stanley highlighted that India's steel industry is at the beginning of a spreads expansion cycle. Domestic steel prices are expected to rise gradually as demand improves incrementally, supported by China's anti-involution measures and favorable global macro factors. Additionally, there is optionality if safeguard duty is exten...