Buy JSW Steel With Target Of Rs 1000

Buy JSW Steel With Target Of Rs 1000Technical analyst Prakash Gaba has maintained 'buy' rating on JSW Steel Limited stock to attain a target of Rs 1000 in 1-2 trading sessions.

According to analyst, the investors can buy the stock with trailing stop loss of Rs 970.

The stock of the company, on April 25, closed at Rs 978.30 on the Bombay Stock Exchange (BSE).

Current EPS & P/E ratio stood at 84.93 and 11.44 respectively.

The share price has seen a 52-week high of Rs 1400 and a low of Rs 790 on BSE.

As per reports, JSW Steel hot hold of 3.77% equity stake for Rs 200.11 crore in Ispat Industries via the open offer, with the aim to raise its overall holding stake in the company to 49.3%.

The Sajjan Jindal-headed firm stated that it acquired more than 8.99 crore shares of Ispat, which make up 3.77% equity stake in Ispat Industries via the open offer.

The value of acquisition of scrips amounts to Rs 200.11 crore at the open offer price of Rs 22.25 per share, which was open for the Ispat shareholders between March 17 to April 5 to pick up an additional 20 per cent stake (or 64.72 crore shares).

Now the company possesses 49.3% equity stake in troubling Ispat Industries.

In December 2010, JSW Steel had signed up a Rs 2,157 crore deal to get hold of a majority equity stake in Ispat by preferential issue of fresh shares @f Rs 19.85 per share.

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