Buy Jindal Stainless, target price Rs 106: Yes Securities

Buy Jindal Stainless, target price Rs 106:  Yes Securities

Yes Securities has buy call on Jindal Stainless with a target price of Rs 106. The current market price of Jindal Stainless Ltd. is Rs 93.75.

Jindal Stainless Ltd., incorporated in the year 1980, is a Small Cap company (having a market cap of Rs 4640.91 Crore) operating in Metals – Ferrous sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 3314.13 Crore, up 140.84 % from last quarter Sales of Rs 1376.06 Crore and up .70 % from last year same quarter Sales of Rs 3291.05 Crore Company reported net profit after tax of Rs 82.28 Crore in latest quarter.

Investment Rationale
Sustained move above important averages and consolidation breakout suggests more room on the upside.

Promoter/FII Holdings
Promoters held 68.1 per cent stake in the company as of Sept 30, 2020, while FIIs held 13 per cent, DIIs 7.1 per cent and public and others 11.9 per cent.

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