Morgan Stanley has reiterated its ‘Overweight’ call on JSW Steel with a target price of ₹1,300 per share, implying an upside potential of about 11% from Friday’s closing price of ₹1,167.80.

The brokerage said production was ahead of estimates, with JSW Vijayanagar Metallics ramping up operations smoothly and reaching 88% utilisation in September.

It also expects India sales volumes to grow around 17% year-on-year. Some inventory stocking is likely, as one blast furnace in Vijayanagar undergoes a 150-day shutdown beginning late September, Morgan Stanley noted.

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JSW Steel, on Friday, reported its highest-ever quarterly crude steel production at 7.9 million tonnes, up 17% year-on-year

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