Buy Multibagger Dividend Metal Stock That Declined 3.61% Today, TP Rs 543: PL

Prabhudas Lilladher has recommended investors to buy metal and ferrous sector stock, Jindal Stainless Ltd that declined 3.61% intraday as BSE Sensex fell 825 points to 64,571 in trade on Monday. Current market price of Jindal Stainless share on BSE is Rs 452.00 per share.

If you buy Jindal Stainless shares now at current market price of Rs 452.00 apiece, you can fetch likely return of 20%. Jindal Stainless stock surged 241% in last 1-year and rallied 69% in last 6-months. The company declared an interim dividend of Re 1 per equity share with face value of Rs 2 per equity share for the FY 2023-24. The company fixed October 28 as the record date. Check details below:

Jindal Stainless Valuation: Tushar Chaudhari - Research Analyst, Prabhudas Lilladher Pvt Ltd said, "Jindal Stainless (JDSL) reported robust operating performance in 2Q, driven by 26% volume growth. Revenue was 4% below our estimates led by weak realization. The company is expected to deliver 15% volume CAGR over FY23-26E led by rising stainless steel (SS) demand in India and ramping up of Jajpur facility. Next phase of expansion at Jajpur will be announced in 2HFY24, which will drive volume growth post FY26."

We believe that JDSL will be key beneficiary of rising SS demand over next few years led by govt.'s focus on infrastructure and overall stronger domestic economy. Retain 'Buy' rating with revised TP of Rs543 (earlier Rs484) valuing at 6.5x EV of Sept 2025E EBITDA, as we roll forward, added Tushar Chaudhari.

Jindal Stainless Stock Outlook & Return Over Years: Last trading price of Jindal Stainless share on BSE is Rs 452.00 per share. Its 52-week high price is Rs 541.45 per share and 52-week low price is Rs 131.15 per share, respectively. The company's market capitalisation is Rs 37,219.24 crore. Jindal Stainless shares soared 78% YTD, gained 169% in last 2-years, jumped 682% in last 3-years and offered a rally of 723% in last 5-years.

Jindal Stainless Announced Interim Dividend, Record Date On October 28: Board of directors of Jindal Stainless on October 19 issued BSE filing and announced interim dividend. As per the filing, "Payment of Interim dividend@ 50% i.e. Re. I per equity share (face value of Rs. 2 per equity share) for the financial year 2023-24 to those equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Saturday, October 28, 2023, which is the Record Date fixed for the purpose. The payment of Interim Dividend I dispatch of dividend warrants will be completed on or before November I 7, 2023."

Disclaimer

The stock has been picked from the brokerage report of Prabhudas Lilladher. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.