Buy Jindal Steel & Power: Rajesh Agarwal

Buy Jindal Steel & Power with an intraday target of Rs 55, says Rajesh Agarwal of Eastern Financiers.

Agarwal told CNBC-TV18, "One can buy Jindal Steel & Power with an intraday target of Rs 550 and stoploss of Rs 498. The reason why we like this company is because this company is basically into steel and power, although the perception about steel is in a bad shape at this point of time."

He further added, "This company manufactures long reels, which is in great demand. They have recently acquired some mining rights in Bolivia, the operations of which are going to add to the bottom line in the near future. They are even tied up with Jharkhand government for a big project there also."