JSW Steel drops amid volatility after Q1 earnings

JSW Steel lost 1% to Rs 1168 at 15:09 IST on BSE, with the stock sliding amid volatility after the company reported consolidated net profit of Rs 656.49 crore in Q1 June 2014 as against net loss of Rs 381.82 crore in Q1 June 2013.

The Q1 result was announced during market hours today, 1 August 2014.

Meanwhile, the BSE Sensex was down 411.94 points or 1.59% at 25,483.03.

On BSE, so far 1.67 lakh shares were traded in the counter as against average daily volume of 77,902 shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.61% at the day's low of Rs 1,149 so far during the day. The stock rose as much as 2.47% at the day's high of Rs 1,209 so far during the day. The stock had hit a 52-week low of Rs 451.50 on 19 August 2013. The stock had hit a 52-week high of Rs 1,324.50 on 11 June 2014.

The large-cap company has equity capital of Rs 241.72 crore. Face value per share is Rs 10.

JSW Steel's total income from operations rose 29.04% to Rs 13254.07 crore in Q1 June 2014 over Q1 June 2013.

JSW Steel said that the implementation of ongoing projects like SMS-3, 2nd Bar Mill, CAL-2, modernization of BF-1 and electrical steel complex at Vijayanagar and capacity expansion project from 3.3 MTPA to 5 MTPA at Dolvi are progressing satisfactorily, and is likely to complete as per schedule.

JSW Steel said that the steel prices are likely to remain range bound amidst broad based steel demand growth expectation for calendar year 2014.

JSW Steel, the flagship company of the JSW Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, ports, and cement.

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