We are upbeat on JSL as it is the only domestic player augmenting capacity in the near term, which should enable it to exploit traction in the value-added automotive and railways segments. On a risk-reward matrix, JSL is better placed than peers. At current price, the stock is trading at 3.8x FY20E EBITDA. Maintain ‘BUY/SO’ with a target price of Rs 100.
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