JSPL gains on reporting strong export sales in April

Jindal Steel & Power (JSPL) rose 1.40% to Rs 86.70 after the company said it reported its highest ever exports of steel & related products during April 2020.

JSPL said it exported 248,000 metric tonnes (MT) of steel & related products, which is a growth of 109% (m-o-m). Export contributed to 74% of its total sales volume. JSPL India reported 5% growth in the production of steel & granulated pig iron to 5,50,000 MT during April 2020 as against April 2019. The group has recorded 6,55,000 MT of consolidated steel production during the month of April 2020.

JSPL's blast furnace at Angul in Odisha has recorded the highest ever production of 2,98,000 MT of hot metal during April 2020. Blast furnace maintained an average production of 10,000 MT on a working day basis.

JSPL reported a standalone sale of 3,35,000 MT, the balance production is under shipment and stocked at the port waiting for vessels, which will be accounted in the month of May 2020. JSPL recorded consolidated sales of 4,56,000 MT during April 2020.

JSPL's Oman steel plant reported 1,06,000 MT of steel production while steel sales stood at 1,20,000 MT in April 2020. The announcement was made before trading hours today, 5 May 2020.

JSPL reported a consolidated net loss of Rs 224.28 crore in Q3 December 2019 compared with net loss of Rs 24.05 crore in Q3 December 2018. Net sales slipped 2.78% to Rs 9,299.78 crore in Q3 December 2019 over Q3 December 2018.

JSPL's segments majorly include iron & steel and power. It is also engaged in aviation services and machinery division. The company's product portfolio consists of steel product mix, construction solutions, and construction material and solutions.

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