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Buy Jindal Steel and Power; target of Rs 478: Motilal Oswal

Buy Jindal Steel and Power; target of Rs 478: Motilal Oswal
December 07
14:24 2021

Motilal Oswal is bullish on Jindal Steel and Power recommended buy rating on the stock with a target price of Rs 478 in its research report dated December 06, 2021.

Broker Research

December 07, 2021 / 01:19 PM IST

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Motilal Oswal’s research report on Jindal Steel and Power

Near-term demand is tepid and demand decline is seen (especially last month) due to (a) the ban on construction in the NCR region due to severe pollution levels, (b) an extended monsoon, (c) weak sentiment in the international market – consumers are adopting the wait-and-watch policy, and (d) sufficient inventory lying with traders, who, in a falling market, would try and liquidate rather than accumulate. However, pent-up demand is inevitable, as seen since the ebbing of the first COVID wave.

Outlook

However, considering a) the long-term growth plan already under implementation (funded largely through internal accruals), b) the target to turn net debt zero by Mar’23 at the latest, and c) the mix towards flats improving the blended NSR substantially, we are positive on the stock and maintain a BUY rating.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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