JSW Steel shares may give big upside in medium term, says Prabhudas Lilladher

JSW Steel shares have been in base building mode after ushering in new year 2023. JSW Steel share price has corrected from around ₹775 to ₹680 apiece levels in year-to-date (YTD) time, logging around 12 per cent dip in YTD time. In last one month, this metal stock has shed over 6 per cent by correcting from near ₹730 to ₹680 apiece levels. However, Prabhudas Lilladher believes that JSW Steel share price may go up to ₹755 apiece levels in medium term, delivering to the tune of 10 per cent to its shareholders.

Speaking on JSW Steel share price outlook, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said, “JSW Steel share price has witnessed a steep slide and consolidated near the significant 200DMA zone of ₹666 levels overall indicated an ascending channel pattern on the daily chart and recently has indicated a pullback with improvement in the bias. The RSI is well placed and has indicated a trend reversal from the oversold zone to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 755 keeping a support level of ₹650.”

JSW Steel was recently in news for getting approval from the National Company Law Tribunal (NCLT) for the scheme of amalgamation of Asian Colour Coated Ispat Limited and Hasaud Steel Limited.

JSW Steel Ltd informed Indian bourses about the NCLT order citing, “This is with reference to our letter dated January 24, 2023 informing that the Hon’ble National

Company Law Tribunal (‘NCLT’), Mumbai Bench has passed an order sanctioning the Scheme of Amalgamation of Asian Colour Coated Ispat Limited (‘ACCIL’ or ‘the Transferor Company 1’) and Hasaud Steel Limited (‘HSL’ or ‘the Transferor Company 2’) with JSW Steel Coated Products Limited (wholly owned subsidiary of JSW Steel Limited) (‘JSCPL’ or ‘the Transferee Company’) and their respective Shareholders (‘Scheme’ or ‘the Scheme’ or ‘this Scheme’), on January 05, 2023, with ‘Appointed Date’ of April 01, 2022. The order sanctioning the Scheme was uploaded on the website of Hon’ble NCLT on January 23, 2023.”

JSW Steel went on to add, “We now hereby inform you that the Certified copy of the Orders of the NCLT Mumbai, have been received and filed by ACCIL, HSL & JSCPL with the Registrar of Companies on 22nd February 2023 & 24th February 2023 respectively and that the Scheme has become effective on the said date of 24th February 2023, with ‘Appointed Date’ of April 01, 2022.”

Leave a Reply

Your email address will not be published. Required fields are marked *