Stock market analyst Avinash Gorakshakar is of the view that investors can buy JSW Steel Ltd stock to achieve a target of Rs 1470.

According to analyst, it is fundamentally a strong counter.

Today, the shares of the company opened at Rs 1092 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1350.05 and a low of Rs 495.15 on BSE.

Current EPS & P/E ratio stood at 108.15 and 9.99 respectively.

JSW Steel stated that it has lifted around Rs 1,849 crore by issuing warrants to a promoter group company, mainly to slash down its widening arrears.

The company said, "... The Share Allotment Committee of Directors of the company, at its meeting held on June 16, 2010, has allotted 1,75,00,000 warrants to Sapphire Technologies, a promoter group company, on a preferential basis."

The country's second biggest steel manufacturer has registered an increase of 23% in crude steel production during the last month as against the corresponding month in the last fiscal year.

Crude Steel production increased to 5,65,000 tons during the last month.

Rolled products (flat) production rose 27% to 3,88,000 tons in May 2010 as against 3,06,000 tons in May 2009.