SAIL shines 9% after JP Morgan upgrades, sees 61% upside

The global research house upgraded the stock rating on the back of favourable risk-reward.

Global investment firm JP Morgan has upgraded its rating on state-owned steel maker SAILto overweight from neutral earlier. The stock rallied 9.3 percent intraday on Friday.

It has set a price target for the stock at Rs 78, implying 61.5 percent potential upside from Thursday’s closing levels.

The stock was quoting at Rs 52.25, up Rs 3.95, or 8.18 percent amid high volumes on the BSE, at 11:28 hours IST. It plunged 37 percent in last one year.

The global research house upgraded the stock rating on the back of favourable risk-reward. “At 0.5x price-to-book value, the market has not been pricing in higher iron ore & volumes.”

SAIL & Tata Steel will benefit from higher steel prices, it said.

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