Morgan Stanley has downgraded the rating of JSW Steel shares to under-weight' from 'equal-weight' and has cut the target price to Rs 528 from Rs 732 citing adjustments made to iron ore, coking coal, steel price assumptions and Karnataka iron ore mining ban.
Economic risks imply risks to (current) steel prices. This can be negative for (JSW) Ispat's earnings in particular Morgan Stanley said in a note.
JSW steel owns 49.3 percent in JSW Ispat as per the National Stock Exchange of India.
The brokerage has cut the earnings estimates for JSW Steel by 16.2, 19.04, 17.9 percent for FY12, FY13 and FY14 respectively.
At 10.30 a.m JSW Steel stock was trading at Rs 551.55, down 6.8 percent, and JSW Ispat shares were trading lower by 3.83 percent at Rs 12.55.
Economic risks imply risks to (current) steel prices. This can be negative for (JSW) Ispat's earnings in particular Morgan Stanley said in a note.
JSW steel owns 49.3 percent in JSW Ispat as per the National Stock Exchange of India.
The brokerage has cut the earnings estimates for JSW Steel by 16.2, 19.04, 17.9 percent for FY12, FY13 and FY14 respectively.
At 10.30 a.m JSW Steel stock was trading at Rs 551.55, down 6.8 percent, and JSW Ispat shares were trading lower by 3.83 percent at Rs 12.55.
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