Hitendra Vasudeo of stockmechanics.com has suggested traders to buy JSW Steel with a short term target that lies between Rs 737 Rs 818.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 689-Rs 658 with a strict stop loss of Rs 634.

Today (June 15), the stock opened at Rs 684.95 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 24.51 and 28.56 respectively. The share price has seen a 52-week high of Rs 1090 and a low of Rs 161.15 on BSE.
JSW Steel announced an increase of 33% in its crude steel production for May 2009

The significant growth in fabrication is mainly attributable to the production from 2.8 MTPA expansion project at Vijayanagar works.

JSW Steel, on June 02, stated that the starting of construction work at the site of 10-MTPA West Bengal project will now be delayed because of the existing financial situation.

Construction work at the site of the steel project in Salboni, West Bengal was planned to begin in March 2010, but is expected to be postponed by 6-8 months.    

JSW Steel has earlier this year said that it is cutting its planned investment by nearly one-third to around Rs 40 billion during the first stage of the Rs 350 billion mega steel project in West Bengal.

The company directors, at its meeting held on May 28, 2009 stated that the company will raise $1 billion through qualified institutional placement (QIP) and issue of securities in the global markets for part-financing its capex and for meeting up general business purposes.

The directors sanctioned the raising of long-term funds aggregating $1 billion or its Indian currency equivalent to part-finance its capex and for other general business purposes, comprising reducing the leverage, depending on market dynamics.