JSW Steel edge higher post-Q3 earnings; Macquarie sets target price at Rs 841

JSW Steel share price, JSW Steel share price target, JSW Steel Q3 result 2024: Shares of JSW Steel edged higher on Monday, January 29, after billionaire Sajjan Jindal-led JSW Steel reported a close to five-fold rise in its net profit for the October-December quarter of the current financial year, owing to robust domestic demand. The stock closed at Rs 812.6, down 0.38 per cent on NSE.

The flagship company of the JSW Group's consolidated net profit surged to Rs 2,415 crore for the third quarter, up from Rs 490 crore logged in the same quarter of the previous fiscal.

The steelmaker's revenue from operations went up 7.2 per cent to Rs 41,940 crore. The company's EBIDTA (earnings before interest, depreciation, tax, and amortisation) shot up by 57.9 per cent to Rs 7,180 crore.

Earlier, Tata Steel reported that it had swung back into profit on the back of a strong domestic performance, which offset the losses of the company's business operations in Europe.

The demand for steel in India has picked up at a robust pace, as the government has been making massive investments in large infrastructure projects to spur economic growth. These projects in the highway, port, and railway segments have generated a strong demand for steel and cement, which is having a multiplier effect on growth. There has also been an uptick in the housing sector, which has further strengthened steel demand.

JSW Steel share price target 2024

Macquarie has maintained a neutral call on the counter with a target price of Rs 841, the highest among peers, envisioning an upside potential of 3.5 per cent from the previous close. 

(with PTI inputs)

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