India's Jindal Stainless falls after brokerages cut PT on demand concerns

Jindal Stainless

24/03/2025 04:36

** Shares of Jindal Stainless JIST.NS fall 3.5% to 603.9 rupees

** Multiple brokerages cut the stock's price target, citing demand concerns after meeting with the JIST's management

** Investec reiterates "buy", but cuts target price to 815 rupees from 870 rupees, citing a weak demand environment that could likely hurt volumes and delay downstream projects

** Cuts operating profit estimates by 7%-9% for fiscal years 2025-2027

** Nuvama lowers target price to 723 rupees from 836 rupees, citing JIST's conservative guidance of 9%-10% volume growth in FY 2026

** Expects the stock to be under pressure due to near-term earnings weakness

** Average rating of the 10 analysts tracking JIST is a "strong buy"; median target price is 828 rupees, ~37% higher than current levels, according to data compiled by LSEG

** JIST shares are down 14% in 2025 so far, compared with a 7% jump in metal sub-index .NIFTYMET, according to exchange data

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))