Outlook & Valuation: Given the ongoing global trade concerns, we expect steel prices to remain range bound. However, we project that domestic demand will continue to remain positive for steel and power sectors on long term basis, and expect JSPL to perform well in coming years along with the ramp up of Angul plant and realizations in steel segment. We also anticipate that power segment will perform well on account of improving power demand situation and various efforts by GoI for availability of fuel to power generators. We maintain our Buy recommendation on JSPL with revised target price of `249 with a potential upside of 84%.

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