ICICI Direct has given Buy recommendation for Jindal Stainless recommended buy rating on the stock with a target price of Rs 200 in its research rep with a target price of Rs. 200 in its research report issued on Oct 04, 2021

ICICI Direct’s research report on Jindal Stainless

Jindal Stainless (JSL) is India’s largest stainless steel manufacturer. JSL operates an integrated stainless steel plant at Jajpur, Odisha. The complex has a total stainless steel capacity of 1.1 million tonnes per annum (MTPA). JSL has a 1.1 MTPA integrated facility with backward integration (ferro chrome and captive power plant).

Outlook

Jindal Stainless’ share price has grown by ~4.3x over the last 20 months (from ~Rs 39 in February 2020 to ~Rs 168 levels in October 2021). We maintain our BUY rating on the stock. We value JSL at Rs 200, based on a merged entity basis.

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