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JSPL gains after steel production rises 13% YoY in Oct

Capital Market 

Jindal Steel & Power (JSPL) rose 1.94% to Rs 241.20 after the company recorded a 13% year-on-year (YoY) growth in standalone steel production at 585,000 metric tons in October 2020 as against 518,000 metric tons in the same month last year.

JSPL's standalone sales rose by 10% year on year in October 2020 to 600,000 metric tons (MT) as against 547,000 metric tons recorded in the previous year during the same period.

Export sales contributed to 28% of total sales volumes in October 2020 and its exports grew at a rate of 37% year on year in October 2020. The firm reported highest ever pellet production of 701,500 MT and highest ever wire rod production of 49,062 MT in October 2020.

On a standalone basis, JSPL's net profit stood at Rs 997.98 crore in Q2 September 2020 steeply higher from Rs 15.15 crore reported in Q2 September 2019. Net sales rose by 19.6% year on year to Rs 7859.3 crore in Q2 September 2020.

JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

On a year-to-date (YTD) basis, the stock has added 43.65% while the benchmark S&P BSE Sensex has gained 6.96% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 23 2020. 09:21 IST