Dec 20 : With impressive FY18 Q2 results and introduction of the innovative Everglow, a color coated steel product for roofing applications, JSW Steel Ltd (BSE: 500228, NSE: JSWSTEEL) rose to a high of Rs 264 before settling at 262.60 as against previous close of 247.
The scrip is trading at a PE of 20.52 which reflects moderate valuation by market while on technical charts, RSI of 57 is bullish and MACD has witnessed a bullish crossover signalling a buying opportunity.
JSW Steel’s Everglow offers more color options compared to the products currently available in the market which only have a grey tone at the bottom of the sheet. Everglow offers color coating on both sides and comes with a 10-year warranty. A new TV commercial is planned to promote Everglow that was conceived by Ogilvy & Mather.
JSW Steel is part of the diversified JSW Group involved in steel, infrastructure, cement, ventures, and sports.
The company reported a net profit growth of 15.08% Y-o-Y at Rs 836 cr for September quarter on a sales turnover of Rs 16,638 cr.