JSW Steel jumps over 2% on Q1 profit, JOPL IPO
JSW Steel's stock jumped over 2% on Monday, thanks to impressive first-quarter profits and news that the company will take part in the IPO of JSW One Platforms Ltd (JOPL).
Shares hit ₹1,265.40 on the NSE, up from last week's close of ₹1,237.30, so it's been a good morning for investors.
JSW Steel Q1 net ₹4,696cr
The company's net profit more than doubled to ₹4,696 crore this quarter, driven by better earnings and lower finance costs.
JSW Steel also plans to raise ₹811 crore through an Offer for Sale in JOPL's upcoming IPO.
Analyst opinions are mixed: Jefferies and Motilal Oswal both recommend buying the stock, pointing to growth potential; Motilal Oswal also cites stronger coal security, while Elara Capital revised its rating to reduce from sell, raising the target price due to concerns about volume and higher coal costs.