Buy JSW Steel, target price Rs 710: Yes Securities

Yes Securities has buy call on JSW Steel with a target price of Rs 710. The current market price of JSW Steel Ltd. is Rs 671.65. Time period given by analyst is Intra Day when JSW Steel Ltd. price can reach defined target.

JSW Steel Ltd., incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 162292.18 Crore) operating in Metals - Ferrous sector.

JSW Steel Ltd. key Products/Revenue Segments include Hot Rolled Coils/Plates/Sheets, Rolled Product, Coils (Cold Rolled), Coils & Sheets (Galvanised), Billets & Blooms, Iron Ore, Others, Other Operating Revenue, M S/S S Slabs for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 38225.00 Crore, up 14.28 % from last quarter Total Income of Rs 33449.00 Crore and up 73.70 % from last year same quarter Total Income of Rs 22006.00 Crore. Company reported net profit after tax of Rs 4494.00 Crore in latest quarter.

Investment Rationale
Stock is on the verge of a breakout from a narrow channel pattern neckline at 697. A sustained trade beyond this resistance will resume the uptrend taking it higher to levels of 710. RSI is also favouring a bullish trend.

Promoter/FII Holdings
Promoters held 44.71 per cent stake in the company as of 31-Dec-2021, while FIIs owned 11.21 per cent, DIIs 8.38 per cent.