Buy Jindal Saw, target price Rs 127: ICICI Direct

ICICI Direct has buy call on Jindal Saw with a target price of Rs 127. The current market price of Jindal Saw is Rs 118.65. Time period given by analyst is 14 days when Jindal Saw Ltd. price can reach defined target.

Jindal Saw Ltd., incorporated in the year 1984, is a Mid Cap company (having a market cap of Rs 3741.12 Crore) operating in Metals - Ferrous sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 3831.10 Crore, up 31.59 % from last quarter Total Income of Rs 2911.38 Crore and up 30.59 % from last year same quarter Total Income of Rs 2933.68 Crore. Company reported net profit after tax of Rs 186.66 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to continue with its up move and head towards Rs 127 levels in the coming weeks being the 138.2% external retracement of its previous corrective decline (Rs 119-100) placed at Rs 127 levels.