Stock market analysts have maintained 'buy' rating on JSW Steel Ltd with an intraday target of Rs 774.

According to them, interested traders can purchase the stock above Rs 767 with a strict stop loss of Rs 759. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 780.

Shares of the company, on Monday (Nov 02), closed at Rs 755.60 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 38.13 and 19.48 respectively. The share price has seen a 52-week high of Rs 935 and a low of Rs 161.15 on BSE.

JSW Steel has decided to get rid of its coal mining project in Mozambique owing to higher than expected ash content in the coking coal.

The project has been postponed after thorough studies. Studies pointed that ash content is high, at 60%.

JSW Steel is now looking for coal assets in Australia and some other nations.

For the three month period ended Sept 2009, JSW Steel declared a growth of 42.23% increase in its net profit, which stood at Rs 4515.4 million from Rs 3174.5 million in the same quarter previous year.

Net sales during the period surged 6.27% to Rs 45,792.40 million, whereas total income for the quarter increased 6.23% to Rs 45,805.20 million, when compared to prior year period.

The company announced earnings of Rs 23.69 per share during the quarter, recording 43.40% growth over prior year period.