Shares of JSW Steel Ltd. dropped even as analysts raised their target price and earnings estimates on the steelmaker after the fourth-quarter results.
The company’s profit jumped to the highest in at least 12 quarters amid rising domestic demand, coupled with exports and improved steel prices. That’s despite operating losses at overseas subsidiaries. Its revenue and operating profit, too, rose, and margin expanded in the January-March period. JSW Steel also reported a 3.8% sequential rise in shipments during the period.
Shares of the steelmaker, however, fell as much as 3.7% to Rs 671.9 apiece, but are trading above the Bloomberg consensus price target of Rs 675.32 apiece. Of the 32 analysts tracking the company, 20 suggest a ‘buy’.
To read what analysts made of the steelmaker’s fourth-quarter performance, click here.