Its total income in January-March 2021 jumped to Rs 27,095 crore, compared with Rs 18,009 crore in the year-ago period.
Jindal Steel & Power | Sarda Mines Private Limited bought 52,74,600 equity shares in Jindal Steel at Rs 431.62 per share on the BSE, the bulk deals data showed.
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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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JSW Steel share price was down 3 percent intraday on May 24 post its March quarter results.
The steel maker posted manifold jump in its consolidated net profit at Rs 4,191 crore for the quarter ended March 31, 2021 and said it will spend over Rs 25,000 crore on projects in Odisha, Karnataka and Jammu & Kashmir.
The company had clocked a net profit of Rs 188 crore in the corresponding quarter of the previous financial year, JSW Steel said in a BSE filing. Its total income in January-March 2021 jumped to Rs 27,095 crore compared with Rs 18,009 crore in the year-ago period.
Total expenses rose to Rs 20,752 crore against Rs 17,056 crore a year ago. On a standalone basis, JSW Steel’s net profit grew to Rs 4,018 crore from Rs 242 crore a year ago.
The stock was trading at Rs 676.85, down Rs 20.95, or 3.00 percent, at 10:26 hours. It has touched an intraday high of Rs 699.00 and an intraday low of Rs 674.
JSW Steel said the profit, both on standalone and consolidated basis, is its “highest-ever net profit after tax (PAT)”. The debt has come down by Rs 858 crore to around Rs 15,000 crore during 2020-21, the company said.
Despite the intraday fall in the stock price, global research firm Morgan Stanley has an overweight call on the stock and has raised target to Rs 920 from Rs 590 per share. It has raised FY22E/23E EBIDTA by 17 percent/25 percent respectively.
The brokerage firm is of the view that the company is well positioned to deliver among the strongest volume growth. Despite new capex plans, net debt-to-EBITDA should be well under 1.5x, it added.
CLSA has an outperform call on the stock with target at Rs 740 per share. It expects no meaningful rise in debt despite large capex adding that at 2.4x FY23 PB, valuations look fair.
Domestic brokerage firm Kotak Institutional Equities has downgraded the stock to reduce from buy as valuations are rich. It has a target of Rs 640 per share. The brokerage firm believes that steel margin increased to record high levels. It feels that steel price hikes, despite cost inflation, should further expand margin.
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