JSW Steel inches up after good steel production in Q1

JSW Steel rose 0.34% to Rs 838.40 at 9:15 IST on BSE after the company said that its crude steel production rose 10% to 3.40 million tonnes in Q1 June 2015 over Q1 June 2014.

The announcement was made after trading hours yesterday, 13 July 2015.

Meanwhile, the S&P BSE Sensex was down 38.04 points or 0.14% at 27,923.15.

On BSE, so far 3,045 shares were traded in the counter as against average daily volume of 80,000 shares in the past two weeks.

The stock hit a high of Rs 841 and a low of Rs 838 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 819 on 10 July 2015.

JSW Steel said that the production of flat rolled products rose 3% to 2.50 million tonnes in Q1 June 2015 over Q1 June 2014. Production of long rolled products jumped 32% to 0.69 million tonnes in Q1 June 2015 over Q1 June 2014. The company has commenced commercial production of Continuous Annealing line (CAL2) unit at Vijaynagar works.

On consolidated basis, JSW Steel's net profit fell 87.1% to Rs 62.38 crore on 12.2% decline in net sales to Rs 12364.36 crore in Q4 March 2015 over Q4 March 2014.

JSW Steel, belonging to the JSW Group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world.

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