Analysts raise JSW Steel price targets by up to 10% post strong Q2 earnings
Analysts have raised the target prices on shares of JSW Steel following better-than-expected earnings for the September quarter and as they see the higher prices of steel and strong capacity addition by the company boosting earnings.
Analysts have raised target price for shares of the country’s largest steelmaker by 4-10%, with CLSA Asia Pacific Markets, Nuvama Institutional Equities and Centrum Broking also upgrading rating for the shares.
JSW Steel currently has the capacity to produce around 28 million tonne of steel each year, and this is expected to rise to around 37 million tonne over the next 15-18 months as some of the current expansion plans are completed.
With the demand for steel expected to remain robust in the country over the next few years, and JSW Steel’s pole position, the company is seen as a key beneficiary of this robust domestic demand.