JSPL has recorded consolidated steel sales of 7,97,000 tonne which is a growth of 26 percent as compared to sales of 631,000 tonne during the same period in the previous year.
Jindal Steel & Power (JSPL) share price jumped 2 percent in the morning trade on June 4 after the steelmaker recorded a 28 percent YoY rise in monthly steel sales volumes with the revival of domestic demand.
The stock price has surged over 52 percent in the last 1 month and was quoting at Rs 130.35, up Rs 2.80, or 2.20 percent at 09:16 hours.
"Jindal Steel & Power Limited has recorded the highest ever Standalone Steel sales of 640,000 tonne in May 2020,which is a remarkable growth of 28 percent as compared to sales of 500,000 tonne during the same period in the previous year. Out of 640,000 tonnes of total standalone sales, 4,01,000 tonne are export sales," the company said in a filing to the exchanges.
"JSPL has recorded consolidated steel sales of 7,97,000 tonne which is a growth of 26 percent as compared to sales of 631,000 tonne during the same period in the previous year. It has recorded consolidated steel production of 620,000 tonne in May 2020," the company added.
Morgan Stanley has an overweight call on the stock with a target at Rs 140 per share, according to a report by CNBC-TV18.
Edelweiss Securities has maintained a buy call and has raised the target to Rs 155 from Rs 135 per share. The company reported healthy volume in May and even operating performance ahead of peers, it said.
The brokerage firm has raised FY21 volume estimates by 6 percent to 6.05 mt and for FY22 volume estimates by 3 percent to 6.6 mt.
According to Moneycontrol SWOT Analysis powered by Trendlyne, JSPL's promoters are increasing shareholding with strong cash-generating ability from core business - Improving cash flow from operation for the last 2 years.
Moneycontrol technical rating is bullish with technical indicators and moving averages being bullish.
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