CLSA, or Credit Lyonnais Securities Asia, is a capital markets and investment group founded in Hong Kong. It provides corporate finance, capital markets, asset management, wealth management, and securities services to global corporate and institutional clients.
Here are some of the steel product manufacturers whose share target price was downgraded by CLSA which led to the decline in their share price in the day’s trade.
Tata Steel
Tata Steel Limited has a presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products. Its product portfolio includes hot-rolled coils, galvanized steel, wire rods, tubes, and many more.
CLSA has downgraded the shares of Tata Steel Limited to sell from outperform and slashed the share target price to Rs. 135 from Rs. 145
With a market capitalization of Rs. 1,90,872 Crores, the shares of Tata Steel Limited closed at Rs. 152.90, down 1.45 percent from its previous day’s close price of Rs. 155.15.
Its revenue from operations declined by 0.25 percent from Rs. 2,43,959 Crores in FY22 to Rs. 2,43,353 Crores in FY23, accompanied by profits of Rs. 41,749 Crores to Rs. 8,075 Crores.
JSW Steel
JSW Steel Limited is engaged in the business of manufacturing and supplying iron and steel products, with a product portfolio consisting of cold-rolled coils and sheets, hot-rolled coils, wire rods, rails, and many more.
CLSA has downgraded the shares of JSW Steel Limited to sell from outperform and slashed the share target price from Rs. 810 to Rs. 730.
With a market capitalization of Rs. 85,754 Crores, the shares of JSW Steel Limited closed at Rs. 825.50, down 2.22 percent from its previous day’s close price of Rs. 844.25.
Its revenue from operations grew by 13.38 percent from Rs. 1,46,371 Crores in FY22 to Rs. 1,65,960 Crores in FY23, accompanied by profits of Rs. 20,938 Crores to Rs. 4,139 Crores.
Jindal Steel & Power
Jindal Steel & Power Limited is engaged in the business of manufacturing and supplying iron and steel products like pellets, castings, etc, generation of power, and other work related to aviation, machinery division, and real estate.
CLSA has maintained an underperform rating on the shares of Jindal Steel & Power Limited but raised the target price to Rs 840 from Rs 820.
With a market capitalization of Rs. 85,754 Crores, the shares of Jindal Steel & Power Limited closed at Rs. 840.65, up 0.28 percent from its previous day’s close price of Rs. 838.30.
Its revenue from operations grew by 4 percent from Rs. 51,166 Crores in FY22 to Rs. 53,212 Crores in FY23, accompanied by profits of Rs. 6,766 Crores to Rs. 3,974 Crores.
Written by Bharath KS
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