Sell Jindal Steel & Power, target price Rs 505: Kotak Securities

Kotak Securities has sell call on Jindal Steel & Power with a target price of Rs 505. The current market price of Jindal Steel & Power is Rs 523.55. 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 53376.11 Crore) operating in Metals - Ferrous sector.

Jindal Steel & Power Ltd. key Products/Revenue Segments include Iron & Steel Items, Power, Other Sales, Other Operating Revenue, Export Incentives, Scrap for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 12535.35 Crore, down -7.93 % from last quarter Total Income of Rs 13615.49 Crore and up 15.02 % from last year same quarter Total Income of Rs 10898.70 Crore. Company reported net profit after tax of Rs 1866.10 Crore in latest quarter.

Investment Rationale
Lower top formation along with a bearish candlestick pattern, which indicates further weakness.

Promoter/FII Holdings
Promoters held 60.45 per cent stake in the company as of 31-Mar-2022, while FIIs owned 9.7 per cent, DIIs 17.34 per cent.