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Jindal Steel surges over 6%; brokerages bullish

NEW DELHI: Shares of Jindal Steel and PowerBSE 6.13 % (JSPL) advanced as much as 6.55 per cent in early trade on Friday after Citigroup raised its target price to Rs 200 from Rs 140 earlier, citing operational capacity has potential to generate higher EBITDA.

The scrip was trading 5.12 per cent up at Rs 124.30 around 10.40 am (IST). Shares of the company opened at Rs 120.60 and touched a high and low of Rs 126 and Rs 120.60, respectively, in trade so far. Benchmark BSE Sensex was trading 55 points, or 0.19 per cent, up at 28,984.

Domestic brokerage house EdelweissBSE 0.07 % Securities also upgraded JSPL with ‘Buy’ rating and raised the target price to Rs 160 from Rs 97 earlier.

“We estimate consolidated EBITDA to jump 32 per cent year-on-year to Rs 8,200 crore by FY19. Standalone EBITDA is expected to clock 40 per cent CAGR to Rs 6300 crore over FY16-19E led by ramp up of the 3.2mtpa blast furnace at Angul in 10-12 months,” the brokerage house said.

On a year-to-date basis, share price of the company has rallied 68 per cent to Rs 118.25 till March 9, whereas benchmark BSE Sensex advanced nearly 9 per cent during the same period.

For the quarter ended December 31, 2016, the company reported a net loss of Rs 407.44 crore, against net loss of Rs 573.48 crore in the corresponding quarter last year.

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