Buy Jindal Steel & Power, target price Rs 750: ICICI Securities

ICICI Securities has buy call on Jindal Steel & Power with a target price of Rs 750. The current market price of Jindal Steel & Power is Rs 597.1.

Jindal Steel & Power, incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 60924.76 Crore) operating in Metals - Ferrous sector.

Jindal Steel & Power key Products/Revenue Segments include Iron & Steel Items, Export Incentives, Other Operating Revenue and Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 12469.50 Crore, down -7.78 % from last quarter Total Income of Rs 13521.88 Crore and down -.53 % from last year same quarter Total Income of Rs 12535.35 Crore. Company has reported net profit after tax of Rs 518.33 Crore in latest quarter.

The company’s top management includes Mrs.Savitri Jindal, Mrs.Shivani Wazir Pasrich, Mr.Sunjay Kapur, Dr.Bhaskar Chatterjee, Mr.Sunil Kumar Agrawal, Mr.Ramaswamy Ramkumar, Mr.D K Saraogi, Mr.Bimlendra Jha, Mr.Naveen Jindal, Ms.Kanika Agnihotri. Company has Lodha & Co. as its auditors. As on 31-12-2022, the company has a total of 102 Crore shares outstanding.

Investment Rationale
The stock is the brokerage's key pick given its longs-heavy product portfolios.

Promoter/FII Holdings
Promoters held 61.2 per cent stake in the company as of 31-Dec-2022, while FIIs owned 13.13 per cent, DIIs 14.15 per cent.