Buy Jindal Steel & Power, target price Rs 485: Yes Securities

Yes Securities has buy call on Jindal Steel & Power with a target price of Rs 485. The current market price of Jindal Steel & Power Ltd. is Rs 445.45.

Time period given by analyst is Intra Day when Jindal Steel & Power Ltd. price can reach defined target.

Jindal Steel & Power Ltd., incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 45465.33 Crore) operating in Metals - Ferrous sector.


Jindal Steel & Power Ltd. key Products/Revenue Segments include Iron & Steel Items, Other Operating Revenue, Export Incentives and Scrap for the year ending 31-Mar-2020.


Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 10643.17 Crore, down -10.59 % from last quarter Total Income of Rs 11903.59 Crore and up 14.67 % from last year same quarter Total Income of Rs 9281.88 Crore. Company reported net profit after tax of Rs 14.25 Crore in latest quarter.

Investment Rationale
The stock has resumed the uptrend after testing the neckline of an Ascending Triangle pattern. A sustained trade above Rs 450 on higher volumes will take the stock higher to levels of Rs 485. Further, RSI indicator is also confirming the bullishness.

Promoter/FII Holdings
Promoters held 60.47 per cent stake in the company as of 30-Sep-2021, while FIIs owned 9.93 per cent, DIIs 14.97 per cent.