JSW Steel has target of Rs 652: Tulsian
Investment Advisor SP Tulsian is of the view that JSW Steel has target of Rs 652.
Tulsian told CNBC-TV18, “As we have seen Unitech has been the flavour of the day and we have seen GMR also moving up, so here also the QIP story. JSW Steel has plans to raise QIP of close to Rs 5,000 crore. They may not go for the entire amount but ultimately the QIP remains on the card, so that will give the fresh interest in the stock apart from that they have JSW Energy IPO lined up, which will ultimately be resulting in the value unlocking for the shares held by the company in that company. The company has recently raised the capacity of their steel making from 3.8 million tonne to 6.8 million. All these things adds to the value of the stock but apart from that fundamentals are definitely there but we have been seeing the momentum also. So I have given a call at Rs 623 with a target of Rs 652 for the day.”