This stock of steel company is Rs. 690, shares jump 28% from their 52-week high

As on 26 May 2022 this stock of JSW Group stood at Rs. It hit a 52-week low of 520.10. Presently it is Rs. Trading at 665.10.

This stock of steel company is Rs. 690, shares jump 28% from their 52-week high

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Shares of JSW Steel rose 28 per cent from 52-week low amid volatility in the domestic market. As on 26 May 2022 this stock of JSW Group stood at Rs. It hit a 52-week low of 520.10. Presently it is Rs. It is trading at 665.10 with a gain of 28 per cent in less than three months.

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The company announced the results in July

The quarterly results of JSW Steel were declared on July 22 this year. The company’s consolidated net profit fell 85.8 percent year-on-year. Profits stood at Rs. 838 crores. Net profit for the quarter ended June 2021 stood at Rs. 5,904 crores.

As compared to March 2022 quarter, profit is Rs. 3,234 crore has decreased by 74.4 percent. However, income from operations grew 31.7 per cent in the June 2022 quarter to Rs. 38,086 crore which in the previous year period was Rs. 28,432 crores.

What is the target price?

After the quarterly results, Centrum Broking reduced the target price of the company’s shares to Rs. 613 (earlier Rs 623), which is valued at 6 times FY24E EV/EBITDA. At the same time, Motilal Oswal has given neutral rating to JSW Steel. The brokerage firm has set its target price at Rs. 565 has been placed.

Ravi Singh, Vice President and Head of Research, Share India, said the company is looking to increase its production capacity in the country. The company’s stock may go up. Due to increase in volumes and accumulation mode, the company’s share in the next trading session will be Rs. Can go up to level 690.