Prabhudas Lilladher and Kotak Institutional Equities maintain buy
Jindal Steel & Power
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Jindal Steel & Power (JSPL) share price touched a 52-week high of Rs 577.70, rising more than two percent intraday on April 11 after Kotak Institutional Equities reiterated a buy call on the stock and raised the target price from Rs 565 to Rs 700 per share.
“The coal blocks, with 15 million tonne per annum capacity, could save Rs 1,500 per tonne on full ramp-up. The company is on track to increase its steel capacity 85 percent by financial year 2025. The rerating is driven by strong growth visibility,” said Kotak Institutional Equities.
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Broking house Prabhudas Lilladher also maintained buy with revised target price of Rs 615 (earlier Rs 555).
“Jindal Steel & Power delivered 45 percent returns in the last three months against two percent by Nifty. Despite a sharp run-up, we remain positive on the stock due to near debt-free B/S, strong growth pipeline (63 percent capacity growth by financial year 2025) and significant value addition from coal blocks acquired at attractive prices,” said the broking house.
At 13:38 hrs Jindal Steel & Power was quoting at Rs 571.10, up Rs 8.00 or 1.42 percent on the BSE.
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