Anand Rathi initiated coverage on Jindal Steel and Power with a ‘Buy’ rating. The brokerage firm set a target price of Rs 1,070 on the stock, which shows an upside potential of 17% from the current market prices.
“Robust demand for steel in India is expected to persist. Considering the company’s strong focus on capacity addition, raw-material integration, cost-control initiatives, increase in share of VAPs and strong control of its balance sheet, we initiate coverage on it, with a Buy rating and a TP of Rs1,070, 6.5x FY26e EV/EBITDA,” it said.