Outlook & Valuation: We maintain our Buy recommendation with a slight reduction in Target Price to `320 from `327 (due to increased net debt level). However, we expect JSPL to perform well in coming years owing to
improving realization in steel segment, limited addition of steel capacity in near
term and improving demand of steel going forward. We expect power segment to
perform well on account of improving power demand situation and various effort by GoI for availability of coal to power generator.

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