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Shares of steel companies rose today on BofA Merrill research action.
Tata Steel gained 4.17 per cent, on track for the highest close since February 20.
Steel Authority of India Ltd (SAIL) gained 2.6 per cent and JSW Steel 1.76 per cent and Jindal Steel and Power 0.92 per cent.
Bank of America-Merrill Lynch has said the sector's return on equity will double by FY17 end.
The research house reinstated coverage on Indian steel makers, with "buy" ratings on Tata Steel, SAIL, JSW and Jindal Steel and Power.
SAIL and Tata Steel are top picks, it added. BofA Merrill expected average earnings CAGR of 58 per cent for the four companies during FY15-17.
It said the stocks were the cheapest among global peers.
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