Morgan Stanley sets ₹1,300 target for JSW Steel
JSW Steel is on a roll, with its stock price close to its 52-week high after Morgan Stanley gave it a thumbs up and set a target of ₹1,300 per share—about 11% higher than last week's closing price.
This upbeat outlook comes as the company posted record steel production of 7.9 million tons last quarter, up 17% from last year.
Record production boosts JSW Steel's stock price
Most of this boost came from JSW's Indian plants, which delivered 7.66 million tonnes—a solid 16% jump.
Even with an upcoming shutdown of a blast furnace at its Vijayanagar facility, Morgan Stanley expects sales in India to grow by around 17% year-on-year.
Financially, things are looking bright too: net profit for the June quarter shot up to ₹2,184 crore from ₹845 crore last year, and operating margins improved sharply thanks to steady revenues and lower expenses.