off-the-wire

BUZZ-India's Jindal Steel and Power hits 11-yr high on exports, margin recovery forecast

Kitco Media
By Reuters
Published:
Updated:
Reuters

** Shares of Jindal Steel and Power jump as much as 6.72% to 622.75 rupees, highest in nearly 11 years
** JNSP on track for best day in over a month
** Motilal Oswal analysts maintain JNSP as top pick with PT 700 rupees, says co getting lot of export enquiries, first reported by


Reuters


** Analysts at Kotak Institutional Equities expect margin recovery in Q4 to be driven by higher prices of finished products and internal cash flows to meet growth capex
** Growth visibility from expansion and ramping-up of captive coal mines in FY24-25 suggest favourability in long-run - Kotak note
** More than 6.38 mln shares change hands as of 2:57 p.m. IST, almost twice the 30-day average of 3.37 mln shares


** Fifteen of 24 brokerages rate stock "buy" or higher, 3 "hold" and 6 "sell" or lower; median PT is 560 rupees - Refinitiv data


** Stock rose ~54% in 2022 marking four consecutive years of gaining (Reporting by Hritam Mukherjee in Bengaluru)

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