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Morgan Stanley overweight on Jindal Steel & Power, target price Rs 139

Over the last few weeks there has been positive news flow on global steel prices, said Morgan Stanley.|
Last Updated: Dec 02, 2019, 08.46 AM IST|Original: Dec 02, 2019, 08.25 AM IST
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Morgan Stanley has an overweight rating on Jindal Steel & Power with a target price of Rs 139. Shares of Jindal Steel ended down 2.5% at Rs 160.95 on Friday while the BSE Sensex was down 336.36 points at 40,793.81.

Company Financials

For the quarter ended 30-09-2019, the company has reported a Consolidated sales of Rs 8939.47 crore, down -10.12% from last quarter sales of Rs 9945.58 crore and down -9.90% from last year same quarter sales of Rs 9921.81 crore. The company has reported net profit after tax of Rs -399.31 crore in the latest quarter.

The company’s top management includes Mr.Anjan Barua, Mr.Arun Kumar Purwar, Mr.D K Saraogi, Mr.Hardip Singh Wirk, Mr.Naveen Jindal, Mr.R V Shahi, Mr.Sudershan K Garg, Mr.V R Sharma, Mrs.Aruna Sharma, Mrs.Savitri Jindal, Mrs.Shallu Jindal. Company has Lodha & Co. as its auditors. As on 30-09-2019, the company has a total of 1,020,015,971 shares outstanding.

Investment Rationale

Over the last few weeks there has been positive news flow on global steel prices, said Morgan Stanley. Domestic steel prices have lagged other regions such as China, the brokerage said. News flow around increases in domestic steel prices is positive and supports expectations of an improvement in Ebitda/ tonne in the second half for Jindal Steel.

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