Sell JSW Steel, target of Rs 716: HDFC Securities

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Sell JSW Steel, target of Rs 716: HDFC Securities

HDFC Securities has maintained its sell rating on JSW Steel with a target price of Rs 716. JSW Steel is currently trading at 7.4x FY09E EPS and the risk reward scenario is unfavorable due to raw material cost pressure and expected high net debt to equity ratio of 1.65x.

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HDFC Securities has maintained its sell rating on JSW Steel with a target price of Rs 716 in its August 22, 2008 research report. "JSW Steel is currently trading at 7.4x FY09E EPS and the risk reward scenario is unfavorable due to raw material cost pressure and expected high net debt to equity ratio of 1.65x. We maintain our price target of Rs 716 at 7x FY09E EPS with 5.8% downside with Sell rating," says HDFC Securities' research report.

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