JSW Steel zooms 13% despite Q4 loss

The stock zoomed to a high of Rs 446, and finally ended with a solid gain of 12.8% at Rs 429, despite loss in Q4.

The counter clocked a volume of 3.48 million shares today as against the two-week traded volume average of 984,468.

Updated at 1514 hrs

JSW Steel has rallied to higher levels despite reporting a loss in the quarter ended March 31, 2008.

The stock has zoomed over 11% to Rs 424 on volumes of around 2.13 million shares so far on the BSE. Earlier in the day, the stock opened at Rs 384, and touched a low of Rs 373.  

According to a release issued by the company to the BSE, JSW today reported a consolidated net loss of Rs 39.93 crore for the quarter ended March 31, 2009 as against a net profit of Rs 356.79 crore in the corresponding quarter a year ago.

The total income has declined 13.4% to Rs 3,719.38 crore for Q4FY09 as against Rs 4,293.16 crore in Q4FY08.