Hey Priyank,
I just wanted to pick your brain on jindal stainless steel, seems to be going with the framework of huge capex +low valuation.
Metals is obviously cyclic in nature but seems they are setting up to be the player in the stainless steel sector as it will be the largest player outside china after capex.
The key components are in place, i.e good management, metals rally, consumption tailwind.
What should I look to discard this as possible investment if we follow your framework.
Some other key points:
– promoter holding increasing.(cannibal in some sense)
– Some debt on books but seems pretty manageable as it is less than cash equivalent + receivables.
I am still lacking conviction and that might just be because there might be some gap in my understanding.
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