Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy call on Jindal Steel & Power with a short term target between Rs 2485-2550.

In latest research report, the firm said that Jindal Steel & Power is clearly a buy, so investors can accumulate the stock on dips. 

In addition, the firm has suggested a support level for the scrip at Rs 2175.

Today (June 10), the shares of the company opened at Rs 2300 on BSE. Current EPS & P/E ratio stood at 99.31 and 23.56 respectively. The share price has seen a 52-week high of Rs 2365 and a low of Rs 517.30 on BSE.
 
Jindal Steel announced 2.4 times growth in its consolidated net profit to Rs 30,071.50 million for the twelve month period ended March 31, 2009 as against Rs 12,495.90 million for the year ended March 31, 2008. 

For the year ended March 31, 2008, total income climbed 97.04% to Rs 109,133.70 million from Rs 55,387.30 million.

The company’s directors at its meeting held on May 27, 2009, has announced dividend of Rs 5.50 (550%) per equity share of Re 1 each.

On May 12, Global Transport Logistics Incorporation (GTLI), a division of India’s Jindal Steel & Power (JSPL) has discovered new natural gas reserves in a well in eastern Bolivia.