J.P. Morgan raises India's SAIL to 'overweight' on steel outlook

Published Mon, Oct 1 2012 12:04 AM EDTUpdated Fri, Sep 13 2013 4:33 PM EDT

MUMBAI, Oct 1 (Reuters) - J.P. Morgan upgraded SteelAuthority of India Ltd to 'overweight' from 'neutral',citing near-term improvement in the Asian steel outlook and adecline in coking coal prices, among other factors.

The investment bank raised its target price on the stock to130 rupees from 125 in a report dated on Friday, adding itexpected SAIL to post volume growth from fiscal 2014 on the backof new projects.

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