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IDBI Capital Report
Jindal Steel Ltd. shares could remain in focus after brokerage firm IDBI Capital upgraded the stock to 'Buy' from 'Hold' following a stronger-than-expected June quarter performance.
The brokerage has set a target price of Rs 1,224, implying an upside potential of around 18% from the current market price of Rs 1,036.
According to IDBI Capital, Jindal Steel's Q1 FY27 revenue and Ebitda came in ahead of expectations despite seasonal challenges and planned plant shutdowns. Revenue declined 5% sequentially to Rs 15,500 crore, mainly due to lower sales volumes, but was supported by a sharp rise in steel realisations.
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