JSW Steel turns soft after Q3 steel production numbers

JSW Steel fell 0.31% to Rs 277.15 after the steel maker's crude steel production slipped 5% to 4.02 million tonnes in Q3 December 2019 as against 4.23 million tonnes in Q3 December 2018.

JSW Steel reported 4.02 million tonnes of crude steel production in Q3 December 2019. The figures were announced during market hours today, 13 January 2020.

On a sequential basis, the company's crude steel production rose 5% to 4.02 million tonnes in Q3 December 2019 over 3.84 million tonnes produced in Q2 September 2019.

Production of flat rolled steel products fell 1% to 2.86 million tonnes in Q3 December 2019 as compared with 2.90 million tonnes in Q3 December 2018. On a sequential basis, the figure advanced 6% in Q3 December 2019 from 2.71 million tonnes produced in Q2 September 2019.

Production of long rolled steel products declined by 14% to 0.89 million tonnes in Q3 December 2019 over 1.04 million tonnes in Q3 December 2018. On a sequential basis, the figure jumped 9% in Q3 December 2019 as against 0.82 million tonnes produced in Q2 September 2019.

On the technical front, the stock's RSI (relative strength index) stood at 60.862. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at Rs 258.60 and its 200-day moving average (DMA) placed at Rs 256.54, both of which would serve as a support levels in the upcoming trading sessions.

JSW Steel's consolidated net profit rose 21.5% to Rs 2,536 crore on 17.7% decline in net sales to Rs 17,203 crore in Q2 September 2019 over Q2 September 2018.

JSW Steel is engaged in the business of production and distribution of iron and steel products.

Powered by Capital Market - Live News