Nomura maintains Buy on Jindal Steel, cuts target price to Rs 1,300 despite Q1 earnings beat

Nomura maintains Buy rating on Jindal Steel despite Q1 earnings beat.

Nomura cuts target price to Rs 1,300.

Consolidated volumes rose 17% year-on-year to 2.23 million tonnes, beating Nomura's estimate by 4%.

Realisations increased 12% quarter-on-quarter, exceeding the brokerage's expectation of a 5% rise.