ICICI Direct Picks 2 Metal Stocks To Buy, Stock Gained More Than 70% In 3 Months, 400% In 3 Years

ICICI Direct, a leading brokerage firm, in its 25 January 2023 report on two mid-cap stocks, namely Jindal Stainless (Hisar) Ltd. and Jindal Stainless Ltd. has assigned buy to the stock. The brokerage claims a potential upside of up to 28% from the stocks' current level. The stocks in the past 3 months have surged more than 70% and in 3 years more than 400%. Here are the key highlights of the stocks:

1. Jindal Stainless Ltd. (JSL)

ICICI Direct recommended "buy" the stock of JSL with an estimated target price of Rs 300 apiece. The brokerage claims Up to 17% upside from its current level. The stock last traded at Rs 257.85 apiece on NSE. The stock surged 5.94% in 1 week and 24.24% in 1 month. It gave 85.3% positive return in 3 months. In the past 1 year, it gave 28.09%, in 3 years it gave 469.83% and in 5 years it gave 123.83%, respectively.

According to the brokerage, JSL's share price has given a return of ~31% in the last one year (from ~Rs 196 in January 2022 to ~Rs 257 in January 2023). "We maintain our BUY rating on the stock. We value JSL at Rs 300, based on a merged entity basis," ICICI Direct has said.

About The Stock

Jindal Stainless (JSL) is among the leading stainless steel manufacturing companies in the world & India's largest stainless steel manufacturer. JSL operates an integrated stainless steel plant at Jajpur, Odisha. The complex has a total stainless steel capacity of 1.1 million tonnes per annum.

2. Jindal Stainless (Hisar) Ltd. (JSHL)

The brokerage assigns "Buy" on the stock of JSHL with a target price of Rs 586 apiece. If the stock is purchased at the current market price, it could fetch a return of up to 28%. The stock last traded at Rs 459.30 apiece on NSE. The stock in a month surged 24.67% and 71.41% in 3 months, respectively. In the past 1 year, it gained 17%. In 3 years it gained 471.27%. In 5 years it gained 125.7%.

According to the brokerage, JSHL's share price has given a return of ~24% over the last one year (from ~Rs 377 in January 2022 to ~Rs 466 in January 2023)."We maintain our BUY rating on the stock. We value JSHL at Rs 585, based on merger ratio," ICICI Direct has said.

About The Stock

Jindal Stainless (Hisar) (JSHL) is one of the leading players in the Indian stainless steel market. JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio. JSHL operates an integrated stainless steel plant at Hisar, Haryana. JSHL has a total melting capacity of 0.8 million tonnes per annum (MTPA).

Disclaimer

The stocks have been picked from the brokerage report of ICICI Direct. 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 consult with certified experts before making any investment decision.