JSW Steel @ 615 for a target of Rs 1100

by khalid on 04/07/2009 · 0 comments

Brokerage house CLSA has assigned a ‘buy’ rating to JSW Steel, with a price target of Rs 1100 by FY12. JSW Steel has the lowest conversion costs in the Indian steel sector; it also has a huge advantage on account of its low staff costs at just $10-12/tonne.

JSW Steel offers the strongest volume growth in the Indian steel sector over the next 3-4 years,” a CLSA note to clients said. “JSW has a strong execution track record and we do not foresee delays. Assuming the Indian economy continues to recover, JSW Steel’s output will be taken up. This will drive a 36% volume growth over FY10-12,” the note added.

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