Buy JSW Steel, target of Rs 334: Karvy
Karvy Stock Broking has maintained its buy rating on JSW Steel with target price of Rs 334 in its March 25, 2009 research report. “JSW Steel, India’s third-biggest producer, is on target to achieve robust sales volume growth during Q4FY2009. It is likely to sell 1.2 million tonnes of steel as against 0.7 million tonnes during Q3FY2009. However, it is to be noted that the YoY sales volume is likely to be flat.”
“We believe that the sales volume growth could help the company in posting EBIDTA growth on QoQ in absolute terms, but the EBIDTA margin of 15% is expected to be under pressure due to the lower price realization. In our opinion, the current rally in JSW Steel and other steel stocks is driven by the strong sales volume growth during Q4FY2009. We maintain our BUY rating on the stock with target price of Rs 334,” says Karvy Stock Broking’s research report.
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