Nomura retains ‘reduce’ rating on JSW Steel, stock trades in the red

The Japanese research firm has maintained its reduce rating on the stock with a target of Rs 570, a downside of 29 percent

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JSW Steel stock was in focus on December 20 after Nomura retained its reduce rating on the stock.

The Japanese research firm has maintained its reduce rating on the stock with a target of Rs 570 per share, a downside of 29 percent from the current market price.

At 10:39 hours JSW Steel was quoting at Rs 736.35, down Rs 12.95 or 1.73 percent on BSE. It has touched an intraday high of Rs 745.35 and an intraday low of Rs 733.05.

The brokerage firm is of the view that operational improvements at Dolvi will lead to additional cost savings.

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For the month of November, JSW Steel reported standalone crude steel production at 16.90 lakh tonnes, a growth of 16 percent YoY on standalone basis.

Earlier JSW Steel flagged serious issues in the price discovery process of coking coal. Platts, part of S&P Global, however, defended its price assessment methodology. Iron ore and coking coal are the primary raw materials used by steelmakers.