Do you own this Low PE Stainless Steel company in your portfolio?

Technically speaking the stock has seen a 20 days moving crossover on Monday, indicating a near term bullishness in the counter.

Steel companies have been the top performing companies on the bourses and the reason has been rising steel prices along with rising demand for the steel. Tata steel is the best performing Sensex stock in past one year.

Jindal Stainless (Hisar) however has not run up as much when compared to other commodity stocks. The company is expected to obtain economic of scale leading to improvement of the profit margins. With the improved demand scenario from various industries i.e Railways, Auto, Consumer durables etc. ., the financials are expected to remain upbeat for the company in foreseeable future. The company has also managed to reduce debt which may lead to improved cash flows and profitability.

Technically speaking the stock has seen a 20 days moving crossover on Monday, indicating a near term bullishness in the counter. Also the stock has formed a higher top higher bottom pattern which gives bulls a clear advantage.

Jindal Stainless (Hisar) has been gaining in prices since March 2021. The stock was down in the first three months of 2021.The stock is up more than 35 per cent in 2021 alone while in one year the stock is up by more than 196 per cent. In one month the stock gained nearly 6 per cent.