Brokers' call: ICICI Securities downgrades JSPL

ICICI Securities has downgraded Jindal Steel & Power from ‘Reduce’ to ‘Sell’ with a target price of Rs 391.

"We are downgrading Jindal Steel and Power (JSPL) from 'Reduce' to 'Sell' post the recent run-up. We believe that the stock is already discounting final allocation of the Utkal coal block, circumventing the impact of Standard Bidding Document (SBD) through entry of a PPA with the Uttar Pradesh government at an elevated pricing and no possible disruption in iron ore mining from Sarada," ICICI Securities said in a report.