Buy JSW Steel With Stop Loss Of Rs 1100
Technical analyst Kiran Jadhav has maintained 'hold' rating on JSW Steel Limited with a two-day target of Rs 1190.
The analyst said that the stock can be bought with a stop loss of Rs 1100.
Today, the stock of the company opened at Rs 1132.50 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 1400 and a low of Rs 950 on BSE.
Current EPS & P/E ratio stood 108.36 and 10.60 respectively.
The company announced that it will lift up INR 462 crore via issue of securities to Japan's JFE Steel Corp.
At present, the Japanese company holds 14.61% equity stake in the Sajjan Jindal led company.
In a statement, the company said, "The Finance Committee, a sub-committee of the board of directors of the company, at its meeting... decided to open on December 13th 2010, the issuance of 3,085,814 GDRs to JFE Corporation, Japan, on a preferential basis."
The issue of GDRs has been sanctioned by JSW Steel's panel as well as stock owners.
The company's crude steel production during the last month grew by 6% as against the same period of last year (2009).
The fabrication during the last month remained at 5,08 lakh tons as against 4.80 lakh tons in November 2009.