Jindal Steel & Power Ltd., incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 24424.28 Crore) operating in Metals - Ferrous sector.
By ETMarkets.com | Updated:
Agencies
Promoters held 60.5 per cent stake in the company as of Sept 30, 2020, while FIIs held 12.3 per cent, DIIs 13.2 per cent and public and others 14 per cent.
Edelweiss has given a buy rating to Jindal Steel & Power with a target price of Rs 275. The share price moved down by 0.77 per cent from its previous close of Rs 240.95. The stock’s last traded price is Rs 239.10.
Jindal Steel & Power Ltd., incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 24424.28 Crore) operating in Metals - Ferrous sector.
Financials For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 8989.79 Crore, down 3.11 % from last quarter Sales of Rs 9278.77 Crore and up .56 % from last year same quarter Sales of Rs 8939.47 Crore. Company reported net profit after tax of Rs -706.49 Crore in latest quarter.
Investment Rationale The brokerage expects steel majors’ volume growth to be an enabler in cash accretion. Going by Oct-20 sales volume of JSPL (up 10% YoY) and SAIL (up 21% YoY), it believes that cash generation will accelerate in Q3FY21 due to the recent spurt in prices. Consequently, it expects JSPL to pare its debt further due to low capex intensity. At the same time, it continues to keep track of the ongoing divestment of Jindal Shadeed that should further spur debt reduction. Promoter/FII Holdings Promoters held 60.5 per cent stake in the company as of Sept 30, 2020, while FIIs held 12.2 per cent, DIIs 13.7 per cent and public and others 13.6 per cent.
