JSW Steel edges lower on fall in crude steel production in October 2014

JSW Steel declined 0.13% to Rs 1,230.50 at 13:25 IST on BSE after the company said crude steel production fell 2% to 10.46 lakh tonnes in October 2014 over October 2013.

The announcement was made during market hours today, 11 November 2014.

Meanwhile, the S&P BSE Sensex was down 14.95 points or 0.05% at 27,859.78.

On BSE, so far 21,915 shares were traded in the counter as against average daily volume of 74,431 shares in the past one quarter.

The stock hit a high of Rs 1,236.95 and a low of Rs 1,223 so far during the day. The stock had hit a 52-week high of Rs 1,365.35 on 2 September 2014. The stock had hit a 52-week low of Rs 805 on 14 February 2014.

The stock had outperformed the market over the past one month till 10 November 2014, rising 7.84% compared with the Sensex's 6% rise. The scrip had, however, underperformed the market in past one quarter, gaining 6.85% as against Sensex's 10.05% rise.

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

JSW Steel's production of flat rolled products fell 5% to 8.28 lakh tonnes in October 2014 over October 2013. Production of long rolled products rose 3% to 1.53 lakh tonnes in October 2014 over October 2013.

The crude steel production was lower due to planned shutdown of blast furnace at Dolvi for about 7 days during October 2014.

JSW Steel reported consolidated net profit of Rs 738.10 crore in Q2 September 2014 compared with consolidated net loss of Rs 129.89 crore in Q2 September 2013. Total income rose 6.8% to Rs 13921.27 crore in Q2 September 2014 over Q2 September 2013.

JSW Steel is a flagship company of JSW Group.

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