JSW Steel turns volatile after reporting Q2 results

JSW Steel lost 0.24% to Rs 857.35 at 15:07 IST on BSE after the company reported a consolidated net loss of Rs 115.55 crore in Q2 September 2013 as against net profit of Rs 691.25 crore in Q2 September 2012.

The Q2 result was announced during trading hours today, 29 October 2013.

Meanwhile, the S&P BSE Sensex was up 332.18 points or 1.61% at 20,902.46.

On BSE, 2.48 lakh shares were traded in the counter as against average daily volume of 2.37 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.59% at the day's low of Rs 845.70 so far during the day. The stock rose as much as 1.81% at the day's high of Rs 875 so far during the day. The stock had hit a 52-week high of Rs 893.75 on 29 January 2013. The stock had 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 28 October 2013, surging 17.36% compared with the Sensex's 4.27% rise. The scrip had also outperformed the market in past one quarter, jumping 55.79% as against Sensex's 4.16% rise.

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

JSW Steel's consolidated gross sales rose 35% to a record Rs 13866 crore in Q2 September 2013 over Q2 September 2012. The company reported a record operating EBITDA (earnings before interest, taxation, depreciation and amortization) of Rs 2348 crore in Q2 September 2013.

Total saleable steel volumes jumped 44% to 3.13 million tonnes in Q2 September 2013 over Q2 September 2012. Crude steel production rose 37% to 2.98 million tonnes in Q2 September 2013 over Q2 September 2012.

The Q2 September 2013 results include the results of JSW ISPAT Steel which was merged with the company with effect from 1 June 2013.

With regard to the future business outlook, JSW Steel said that higher rural spending on the back of a good monsoon and an expected uptick in investment cycle due to the CCI (Cabinet Committee on Investment) driven push is likely to drive an improvement in steel demand growth in second half of FY 2014.

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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