Jindal Steel hardens after posting record steel sales in FY 2017

Jindal Steel and Power gained 3.82% to Rs 129.05 at 10:50 IST on BSE after the company announced that it has recorded highest ever production and sales of steel in the financial year ended 31 March 2017 (FY 2017).

The announcement was made after market hours yesterday, 5 April 2017.

Meanwhile, the S&P BSE Sensex was down 111.71 points or 0.37% at 29,866.31.

On the BSE, 13.12 lakh shares were traded on the counter so far as against the average daily volumes of 23.27 lakh shares in the past one quarter. The stock had hit a high of Rs 131 and a low of Rs 124.55 so far during the day. It had hit a 52-week high of Rs 131.80 on 17 March 2017 and a 52-week low of Rs 57.80 on 24 May 2016.

It had underperformed the market over the past one month till 5 April 2017, falling 1.51% compared with the Sensex's 3.96% rise. The scrip had, however, outperformed the market over the past one quarter, gaining 64.96% as against the Sensex's 11.52% rise.

The large-cap company has equity capital of Rs 91.50 crore. Face value per share is Rs 1.

Jindal Steel and Power (JSPL) has grown impressively despite the challenging times faced by the global steel Industry for a larger part of the financial year ended 31 March 2017 (FY 2017). JSPL clocked production and sales of over 4.8 million tonnes in FY 2017.

JSPL's consolidated steel production rose 12.3% at 1.3 million tonnes in Q4 March 2017 over Q3 December 2016. JSPL's consolidated steel sales rose 11.2% at 1.34 million tonnes in Q4 March 2017 over Q3 December 2016.

Jindal Shadeed Oman clocked highest ever production and sales, by recording an over 20% rise in production to over 1.33 million tonnes and over 17% rise in sales of over 1.31 million tonnes in FY 2017.

On a consolidated basis, JSPL reported net loss of Rs 407.44 crore in Q3 December 2016 as against net loss of Rs 573.48 crore in Q3 December 2015. Net sales rose 28.1% to Rs 5296.80 crore in Q3 December 2016 over Q3 December 2015.

JSPL is one of the India's leading integrated steel manufacturers, having significant presence in steel, power generation and infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.

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