Jindal Saw shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. 
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Jindal Saw shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Shares of multibagger Jindal Saw Ltd have delivered over 300% percent returns to investors in the last three years. The stock of the company, which is engaged in the production of iron and steel pipes, closed at Rs 58.2 on June 29, 2020 rose to Rs 256.85 in the previous session (June 28, 2023), delivering 341% returns during the period. In comparison, Sensex has risen 81.73% in three years.
In the previous session, Jindal Saw stock ended 1.48% lower at Rs 256.85 on BSE. Earlier, the stock opened higher at Rs 261.50 against the previous close of Rs 260.70 on BSE. During the session, the steel stock also hit a record high of Rs 264.40 on BSE.
The share belonging to the iron and steel industry has gained 222% in a year and risen 134% this year. Total 0.83 lakh shares of the firm changed hands amounting to a turnover of Rs 2.13 crore in the previous session. Market cap of the firm stood at Rs 8212 crore. The stock hit a 52-week low of Rs 76.90 on July 1, 2022.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, "The stock is already in a strong uptrend. It has once again recently given a breakout above the Rs 246 level to improve the bias and trend with further next target of Rs 290-295 zone. With the near term support maintained near Rs 246 zone, one can go long and stay invested for short term to medium term time frame."
In terms of technicals, the relative strength index (RSI) of the stock stands at 67.3, signaling it's trading neither in the overbought and nor in the oversold zone. Jindal Saw shares have a beta of 0.8, indicating low volatility in a year. Jindal Saw shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Abhijeet from Tips2trades said, "Jindal Saw is bullish but also slightly overbought on the Daily charts with next resistance at 283. Only a daily close below support of 240 could trigger a fall till 204 in the near term."
SBI Securities sees Jindal Saw shares at Rs 301 in a year.
"Jindal Saw Ltd operates through four strategic business divisions including SAW pipes, DI pipes & Fittings, Seamless Pipes & Tubes and Mining & Pellets. It has further increased its presence in Bhilwara (Rajasthan), where, apart from having low grade iron ore mine, it has also implemented an iron ore beneficiation and a pellet plant. The triggers for the positive stance are robust demand across all verticals, FY23-FY25E Sales/EBITDA/PAT CAGR of 6.6%/5.3%/41.7% to Rs 203 bn/Rs 19 bn/Rs 9 bn and the stock is trading at FY24E/FY25E EV/EBITDA of 5.7x/6.2," said the brokerage.
In the March quarter of last fiscal, Jindal Saw posted a 178% rise in net profit to Rs 353.68 crore against Rs 126.93 crore profit during the quarter ended March 2022. Sales climbed 31% to Rs 5266 crore in Q4 against Rs 4011 crore during the quarter ended December 2022. EBITDA margins climbed to 11.57 percent in the March 2023 quarter compared to 10.09 percent in the year-ago period.
According to annual earnings for the fiscal ended March 2023, the firm reported a profit of Rs 632 crore against a profit of Rs 411 crore in the year ago period.
Sales zoomed 34.16% to Rs 18046 crore in the March 2023 fiscal against Rs 13,450 crore for the fiscal ended March 2022.
About the Company
Jindal Saw is engaged in in a leading manufacturer and supplier of iron & steel pipes and pellets having manufacturing facilities in India.
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