ICICI Securities has given Buy recommendation for Jindal Stainless recommended buy rating on the stock with a target price of Rs 230 in its research r with a target price of Rs. 230 in its research report issued on Sep 23, 2021

ICICI Securities research report on Jindal Stainless

We hosted the management of Jindal Stainless (JSL). Management clarified the company’s product level strategy underlining the resurgence in demand that the 400 series sees in India. Expansion from 1.9mtpa to 2.9mtpa stays on track. Existing capacity will lead to 15-20% volume growth in FY22. Management pointed at its continued focus on deleveraging and guided for start of dividend payout as merger between JSL and Jindal Stainless (Hissar) (JSHL) concludes, likely in the near term.

Outlook

Maintain BUY with a target price of Rs230/share.

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