Buy Suzlon, Sell JSW Steel

Mumbai : Citi has downgraded JSW Steel to a "sell" and slashed its target significantly to Rs 612 from Rs 1,254. The blanket ban on iron ore mining in Bellary imposed by the Supreme Court is likely to impact costs and volumes as Bellary accounts for most of the company's ore. Given its high debt levels, JSW Steel is highly leveraged to small changes in volumes and costs.