JSW Steel shines on reporting good production figures

JSW Steel rose 2.15% to Rs 638 at 10:25 IST on BSE after the company said that crude steel production grew 29% to 9.85 lakh tonnes in August 2013 over August 2012.

The company made the announcement during trading hours today, 13 September 2013.

Meanwhile, the BSE Sensex was up 44.65 points, or 0.23%, to 19,826.53.

On BSE, 67,000 shares were traded in the counter compared with average volume of 2.23 lakh shares in the past one quarter.

The stock hit a high of Rs 639 and a low of Rs 615.30 so far during the day. The stock hit a 52-week high of Rs 893.75 on 29 January 2013. The stock hit a 52-week low of Rs 451.50 on 19 August 2013.

The stock had outperformed the market over the past one month till 12 September 2013, rising 20.47% compared with the Sensex's 4.41% rise. The scrip had, however, underperformed the market in past one quarter, sliding 7.38% as against Sensex's 3.89% rise.

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

JSW Steel said production of flat rolled products rose 60% to 8.24 lakh tonnes, while that of long rolled products fell 13% to 1.28 lakh tonnes in August 2013 over August 2012.

JSW Steel said it took shutdown of one of its Corex furnaces for relining and capacity enhancement and the same is expected to recommence production during September 2013. The capacity utilisation at Vijaynagar works remains at around 80% due to iron ore shortage caused by inordinate delays in opening Category A & B mines after Supreme Court order in April 2013 to resume mining operations.

JSW Steel reported consolidated net loss of Rs 381.82 crore in Q1 June 2013, as against net profit of Rs 49.65 crore in Q1 June 2012. Total income rose 3.5% to Rs 10289.80 crore in Q1 June 2013 over Q1 June 2012.

JSW Steel is engaged in manufacture of flat and long products viz. H R Coils, C R Coils, Galvanised/Galvalume products, Colour Coated Products, auto grade / white goods grade CRCA Steel, Bars and Rods. JSW Steel is one of the largest galvanizing and colour coating production capacity in the country and is the largest exporter of galvanized products with presence in over 100 countries across five continents.

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