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Can Jindal Stainless (Hisar) test its all-time high?

Can Jindal Stainless (Hisar) test its all-time high?
by 5paisa Research Team 08/12/2021

After touching an all-time high of 359 on 27 October 2021, the stock has witnessed a correction of about 21%. 

Jindal Stainless (Hisar) Ltd is a stainless-steel manufacturing company. Its products include slabs, blooms, hot-rolled (HR) coil, cole rolled (CR) coil, plates, coin blanks, precision strips, blade steel and stainless-steel plumbing. The company was incorporated in 2013 and is based in Hisar, Haryana. Jindal Stainless (Hisar) Ltd operates as a subsidiary of Jindal Stainless Ltd. It is a midcap company with a market cap of Rs 7,345 crore. The company has reported strong profits last year, but the revenue has taken a hit over the last five years. However, the strong business practices of the company have attracted investors. 

The medium-term performance of the stock is exceptionally well, delivering returns of about 120% YTD. However, in the short term of three months, the stock has given mere 7% returns. 

The majority of the company stake is held by the promotors, which is about 58.87%. The foreign investors hold about 20% and the rest is held by the public. The stock trades at a low PE of 4.98 while the sector PE stands at 17.39. This tells us that the stock is not trading at a premium. 

The stock, after touching an all-time high of 359 on 27 October 2021, has witnessed a correction of about 21%. Last trading session, it made a V-shape recovery to close above its 100-DMA. Continuing the same momentum, the stock is up over 4% today. Moreover, rising volumes have been recorded in the past three days which indicate the active participation of the institution. It also indicates that the reversal is on cards. The stock had tested its 20 and 50-DMA today but is not able to sustain it. The RSI has jumped from 37 to 50 indicating that the stock has gained strength. 

If the stock closes above 20 and 50-DMA in the coming days with huge volumes, we can see a good rally and the stock can reclaim its all-time high levels of 355-360 in the short to medium term. 

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