Sell Jindal Steel & Power, target price Rs 561: Edelweiss

Edelweiss has sell call on Jindal Steel & Power with a target price of Rs 561. The current market price of Jindal Steel & Power is Rs 586.05. Edelweiss recommended to keep stop loss at Rs 598.

Jindal Steel & Power, incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 59246.72 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 31-03-2023, the company has a total of 102 Crore shares outstanding.

Investment Rationale
Weekly charts have formed an inverted hammer formation after five weeks of bullish closing.

Promoter/FII Holdings
Promoters held 61.2 per cent stake in the company as of , while FIIs owned 13.42 per cent, DIIs 13.88 per cent.