JSW Steel hits 52-week high on good crude steel production data in May

JSW Steel rose 1.57% to Rs 1,306 at 11:16 IST on BSE after the company's crude steel production rose 6% to 10.68 lakh tonnes in May 2014 over May 2013.

The announcement was made on Saturday, 7 June 2014.

Meanwhile, the BSE Sensex was up 183.35 points, or 0.72%, to 25,579.81

On BSE, so far 26,162 shares were traded in the counter, compared with an average volume of 98,771 shares in the past one quarter.

The stock hit a 52-week high of Rs 1,315 in intraday trade today, 9 June 2014. The stock hit a low of Rs 1,290 so far during the day. 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 6 June 2014, rising 15.84% compared with the Sensex's 12.83% rise. The scrip had also outperformed the market in past one quarter, gaining 41.52% as against Sensex's 18.05% rise.

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

JSW Steel on Saturday, 7 June 2014 said that its crude steel production rose 6% to 10.68 lakh tonnes in May 2014 over May 2013. Production of flat rolled products rose 2% to 8.25 lakh tonnes in May 2014 over May 2013. Production of long rolled products rose 7% to 1.81 lakh tonnes in May 2014 over May 2013.

JSW Steel's consolidated net profit rose 63.2% to Rs 482.83 crore on 43.9% rise in total income to Rs 14343.53 crore in Q4 March 2014 over Q4 March 2013.

JSW Steel said that on 3 May 2013, the Bombay High Court sanctioned a Composite Scheme of Amalgamation and Arrangement under sections 391 to 394 of the Companies Act, 1956 amongst JSW Steel, JSW ISPAT Steel, JSW Building Systems, JSW Steel Coated Products and their respective shareholders and creditors with effect from 1 July 2012, being the appointed date. The certified copy of the scheme is filed with the Registrar of Companies (RoC) on 1 June 2013. Accordingly, effect of the scheme is considered in the results for the Q4 and year ended 31 March 2014. Consequent to the merger, the results are not fully comparable with corresponding periods of the previous year.

JSW Steel, the flagship company of the JSW Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, ports, and cement. JSW Steel is engaged in manufacture of flat and long products viz. H R Coils, C R Coils, Galvanised products, Galvalume products, auto grade / white goods grade CRCA Steel, Bars and Rods. JSW Steel is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents.

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