Reduce JSPL, target Rs 160: Murtuza Arsiwalla

Murtuza Arsiwalla, Senior Analyst at Kotak Institutional Equities told CNBC-TV18, "If you look at Utkal they previously have the Utkal block which is now being classified for power and that is sort of the Angul plant and the associated captive plant being non regulated. There are lesser coal blocks that they could potentially bid for and that to me is a bigger worry for Jindal Steel & Power (JSPL) relative to what you are seeing in the Gare Palma or the power side of the business. We currently have a reduced rating with a target price of Rs 160 on JSPL."

At 13:16 hrs Jindal Steel & Power was quoting at Rs 146.45, up Rs 0.90, or 0.62 percent on the BSE.

The share touched its 52-week high Rs 350 and 52-week low Rs 125.05 on 09 June, 2014 and 17 December, 2014, respectively.