Morgan Stanley has maintained its overweight rating on Jindal Steel & Power Limited (JSPL), setting a target price of ₹1,200, which suggests a 26% upside from the current market price of ₹951.95. JSPL’s consolidated EBITDA came in above consensus estimates, driven by better-than-expected realizations, while volumes were in line with projections.
Morgan Stanley noted that margins have likely reached their lowest point and expects a recovery in the second half of FY25. The brokerage remains positive on JSPL’s earnings potential going forward.
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