Antique Stock Broking has maintained hold rating on JSW Steel in the long term with a target price of Rs 277. The stock ended up 1% at Rs 269.30 on Thursday while the BSE Sensex closed 297.50 points up at 41,163.76.
For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 17203.00 crore, down -11.36% from last quarter sales of Rs 19407.00 crore and down -17.65% from last year same quarter sales of Rs 20891 crore. The company has reported net profit after tax of Rs 2551 crore in the latest quarter.
The company’s top management includes Dr.Vinod Nowal, Dr.(Mrs.)Punita Kumar Sinha, Mr.Ganga Ram Baderiya, Mr.Haigreve Khaitan, Mr.Harsh Charandas Mariwala, Mr.Hiroyuki Ogawa, Mr.Jayant Acharya, Mr.M V S Seshagiri Rao, Mr.Malay Mukherjee, Mr.Sajjan Jindal, Mr.Seturaman Mahalingam, Mrs.Nirupama Rao, Mrs.Savitri Devi Jindal. Company has S R B C & Co. LLP as its auditors. As on 30-09-2019, the company has a total of 2,417,220,440 shares outstanding.
JSW Steel is likely to witness flat steel spreads sequentially in third quarter of FY20 as the decline in steel prices in October 2019 and reset of half yearly automotive contracts at lower levels would impact the quarter, said Antique. Recovery in domestic steel demand in Q4 would enable further price hikes with current domestic steel prices at a discount to landed import parity Chinese prices, said Antique.
Source: Economic Times