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

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

The investment bank raised its target price on the stock to 130 rupees from 125 in a report dated on Friday, adding it expected SAIL to post volume growth from fiscal 2014 on the back of new projects.

SAIL shares were up 2.3 percent at 87.45 rupees at 0359 GMT.

(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)

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Keywords: SAIL RESEARCH/BROKERAGE