Kotak upgrades Jindal Steel to 'add'

Notes a steep correction in share prices in the past three months

Kotak Institutional Equities upgraded Jindal Steel and Power Ltd to "add" from "reduce", with a target price of Rs 420, noting a steep correction in share prices in the past three months.

Those falls, amounting to 26.2% in the past three months, are making the risk-reward ratio more favourable, despite lingering concerns including whether there would be delays in signing a mining lease to power its plant in Odisha in eastern India.

Jindal shares were up 0.3% at 10:00 am.