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Tuesday, December 20, 2011

Jindal Steel & Power Ltd:-Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Jindal Steel & Power Ltd

Story:The OP Jindal group metal firm Jindal Steel & Power (JSPL) has shot up 900% to Rs 480 in the past five years. Investors fancy for the counter was due to the company’s ability to post high profit on small equity base, boosting return on capital employed and return on net worth. The stock underwent profit booking in the past year after four years of unabated surge, which propelled it to a record high of Rs 778 on 21 October 2009.Booming financial performance on rapidly expanding capacity resulted in a highly liberal 5:1 bonus in September 2009. Post-bonus, equity swelled to Rs 93.45 crore, with promoters owning 58.4% end June 2011. Foreign and institutions held 23.03% and 6.53%. Thus, public holding is a low of 12.04%.Though JSPL’s dividend payout has increased steadily over the years, the soaring stock has weighed on the dividend yield. In January 2008, it resorted to a 5-for-1 stock-split to boost liquidity.JSPL is India’s largest sponge iron steel producer with a significant presence in sectors like mining, power generation and infrastructure. The current market price of Rs 480 discounts the TTM consolidated EPS of Rs 40.30 by a P/E multiple of 12. Consolidated net profit rose at CAGR of 45.14% and net sales 38.27% in the past five years to FY 2011. Profitability growth and expansion plans along with global product demand and prices will determine the share price direction going ahead. JSPL, too, has been named as a beneficiary of illegal mining of iron ore at Bellary by the Karnataka Lokayukta.

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