JSP chairman Naveen Jindal and chairperson of JSP Foundation Shallu Jindal performed the Bhoomi Pujan and laid the foundation stone for Jindal Aarogyam Hospital on Thursday in the presence of local Chhendipada MLA Susanta Kumar Behera and Angul Municipality Chairman Akshaya Kumar Samant.

JSPL, which aims to raise its installed capacity more than fivefold to 50 million tonnes per annum from 2030, has been open for inorganic expansions

Jindal Steel & Power, incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 61592.92 Crore) operating in Metals - Ferrous sector.

Net Sales are expected to increase by 11.2 percent Y-o-Y (up 3 percent Q-o-Q) to Rs. 13,922.7 crore, according to Motilal Oswal.

Yes, you will have volatility and commodity prices will be volatile but the supply side remains supportive structurally for the commodity basket.

According to global research and broking firm CLSA, the steel outlook improved while global news flows would continue to dominate outlook for the Indian metals sector. A faster reopening in China and stimulus has provided a new lease of life for the sector, although on ground demand improvement is still elusive, it said.

The resistance is visible at 18300, whereas on the lower end, support is visible at 17800. Any breakout in either direction would create a directional trend in the market.

Nifty began the week near 17950 and ended very close to the same level, forming a Doji candle on a weekly chart, indicating a bearish trend reversal. The volume profile suggests that the Index may find support in the 17750-17850 range.

Expect lower sales volume QoQ owing to subdued demand until Nov-22. Realisation is likely to be down by Rs2,000/t QoQ. Limited benefit of lower coking coal prices due to DRI route and partial self-sufficiency. Overseas subsidiaries are unlikely to show higher volumes.

"Where there is uncertainty, the best thing is not to step into those muddled waters. The Indian economy has got substantial leverage plays which can really pan out across the length and breadth of the country and across the spectrum of sectoral allocations. I believe one should keep a close tab on this segment but not to venture until the scenario clears completely."

The stock doubled from its lowest level of Jun22 (Rs 304) and rose to 10-year high of Rs 607. Currently, the stock is trading tad below its prior point of polarity (Rs 620). In the past, the stock reversed after a short-term up-move and witnessed profit booking. The key technical indicators witnessed bearish divergence on short-term timeframe charts. Hence, profit booking advised at current juncture.

See the thing is basically if you look at the valuations of metal companies whether it is Tata Steel, Hindalco, Jindal Steel, they are all trading at extremely low valuations so that is not an issue. It is only the outlook for demand which is the concern. Now will China come out of COVID or not has been a big concern and the volumes coming out of China also make a big difference.

“Our experience in India shows that revenge spending is largely driven towards services, travel which are not very commodity intensive. When we are talking about housing, Chinese companies have huge inventory and the developers are not in a state to really push up construction. So there would be revenge buying which will not be commodity focussed and to that extent I am not that bullish on this thesis.”

Jindal Steel & Power Ltd., incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 60659.54 Crore) operating in Metals - Ferrous sector.

Stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend.

We find the landscape flipped now with China policies turning supportive and the big earnings cut for Tata Steel and Hindalco behind. We believe a sequential improvement in quarterly EBITDA trend for Tata Steel and Hindalco in 2023 will help drive stock performance, Jefferies said.

On the Options front, we have maximum Call Open interest at 19,000 strike, which is Out-Of-Money (OTM) indicating the traders are betting big on 19,000 mark again. Whereas on the Put side, the maximum open interest was at 18,000 strike, suggesting crucial support area for the Nifty in January series

“I do not think one should look at the new age tech stocks. Some people may get tempted by the price correction but I still believe that this sector should be avoided. As people continue to chase value and looks for pockets with valuation comfort, PSU bank is another sector to be avoided in 2023.”

Minor Call writing is seen at 18,350 then 18,150 strikes while Put writing is seen at 18,000 then 18,100 strike. “Options data suggests a shift in a higher trading range in between 17,800 to 18,300 zones,” added Taparia.

Stocks that were in focus include names like Jindal Steel & Power which closed with gains of over 9%, Tata Steel which gained nearly 6%, and Fertilizers and Chemicals Travancore which closed with gains of 10% on Tuesday.

However, as per Trendlyne data, the highest target price for Jindal Steel goes up to Rs 730, while the average target price estimate is Rs 510, a downside of 10% from the current market price of Rs 109. Out of the 23 analysts covering the stock, 15 have strong buy and buy ratings, two have hold ratings, and six have strong sell and sell ratings.

Jindal Steel & Power key Products/Revenue Segments include Iron & Steel Items, Power, Other Sales, Other Operating Revenue, Export Incentives, Scrap for the year ending 31-Mar-2021.

Jindal Steel & Power, incorporated in the year 1979, is a Mid Cap company (having a market cap of Rs 55115.36 Crore) operating in Metals - Ferrous sector.

While Nifty has plunged around 3% so far in December, historical trend indicates that the festive spirit may soon overpower bears. In the last 20 years, Nifty has ended on a positive note in December for 80% of the time. December has the highest average monthly returns of 3.2%, Samco Securities said.

Besides, the brokerage expects JSPL to be net cash company in FY25.

However, they do expect selective stocks within the pack to do well given the positive business growth prospects. Steel companies shares rallied in the recent sessions as Chinese steel demand is expected to benefit from the recent stimulus measures announced by the government to aid the real estate sector.

“Domestic indices pared their early gains despite strength in global peers. Weak November Mutual Fund inflow data and downbeat outlook by IT giant HCL Tech led to some profit booking in the market,” Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said.

The acquisition has been conducted under IBBI Regulations without any share purchase and was a slump sale, the company told the exchanges

Monnet Power’s power plant, which still would provide less than the company’s steel plant requirement of nearly 1800 MW per annum, is expected to result into cost savings of nearly Rs 300 crore just in terms of coal usage

The plant was auctioned last month following a company law tribunal order

As many as 12 Chinese cities reportedly loosened Covid-related restrictions, a positive sign for an economy that has been grappling with strict virus measures for over two years. China is the top importer of various metals and minerals.

Jindal Steel & Power shares rallied 4 percent to Rs 535.75, the highest closing level since April 29 this year, and formed bullish Engulfing kind of pattern on the daily charts with strong volumes. The stock has seen a breakout of long downward sloping resistance trend line adjoining April 11 and November 23 this year.

SAIL has been losing market share for the past 15 years to the aggressive private trio (JSW, JSPL, and Tata Steel). SAILs volume has grown by a mere 2.1% CAGR over 2007-22 against the industry at 5.4% CAGR, resulting in its market share declining from 25% to 16% over 2007-22.

The brokerage firm remains selective amid the volatile global economic environment. Global demand recovery and China opening are key, whereas domestic demand is steady. It prefers Hindalco, Tata Steel, JSW Steel and JSPL.

Experts suggest it would not be correct to state that the imposition of export duty was the only key reason for correction in domestic steel prices. It should be noted that prices were already in correction mode when the export duty was imposed.