Jindal Steel & Power Ltd Shares have reached their 10-year high. In these, due to buying for 6 consecutive days, this stock has seen a rise of more than 16 percent. Along with this, its volume has also increased tremendously.
This stock touched a high of Rs 529.40 on BSE today. Earlier this level was seen on 13 April 2012. At the end of trading, the stock closed at Rs 521.65 with an increase of Rs 10.85, or 2.12 per cent, on NSE today. JSPL adheres to the policy of deleveraging throughout the steel upcycle.
Meanwhile, brokerage firm Motilal Oswal has increased its target to Rs 605 while maintaining its buy rating on this stock. The brokerage house says that the company will benefit from savings due to captive coal mines in Australia and Mozambique. Recently production has started from mines in Australia. The profit from these mines has started accruing to the company right at the same time when the prices of cochin coal are at their peak.
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It is expected that JSPL will achieve the target of captive production of 50 per cent cocaine coal. Due to which the company will save huge amount. Apart from this, the Motilal Oswal report also said that JSPL has also started shipments from its Wollongong mine, which can save the company $ 200 million in FY 2023.
Similarly, another brokerage house Centrum Institutional Research says that going forward we will see strong growth in operating cash flow of JSPL. This will make it easier for the company to complete its expansion plans. It is expected that JSPL will become debt free in FY 2023.
Centrum Institutional Research has increased its target from Rs 630 to Rs 659 while maintaining its Buy rating in this stock. Edelweiss Research has also given a target of Rs 637 giving a buy advice in this stock.
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