Monday 3 November 2008

Hold JSW Steel: PINC Research

PINC Research has maintained its hold rating on JSW Steel in its October 31, 2008 research report. "JSW reported net sales of Rs 42.7 billion in Q2FY09, a YoY rise of 65%. Forex losses, higher capital charges and lower other income resulted in a 41% decline in net profit to Rs 3.2 billion."

"JSW has the highest volume growth in the next two years, which has the potential to drive the revenues of the company. We expect it to report net sales of Rs 151.5 billion and Rs 184.71 billion in FY09 and FY10 respectively which should translate into net profits of Rs 11.4 billion and Rs 14.4 billion. We continue to maintain our ‘HOLD’ recommendation on the stock," says PINC's research report.

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Source: Moneycontrol

Posted by Harsh at 07:12

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