Jindal Steel & Power (JSPL) share price rose 3 percent intraday on December 14 after the company reported robust growth in steel production.
The company witnessed year-on-year growth of 15% in standalone steel production at 6,14,000 tonnes in November 2020 as compared to 5,33,000 tonnes during the same period a year ago, the company said in a release.
The company’s standalone sales also rose to 5,62,000 tonnes in November 2020 as compared to standalone sales of 5,57,000 tonnes year-on-year.
The export sales contributed to 21% of total sales volumes in November 2020. The company’s exports also grew at a rate of 10% (YoY) in November 2020.
“Our performance is in line with the India Growth Story, domestic steel demand is rising in H2FY21 and so JSPL’s production. With domestic markets recovering the company is focusing more on value-added products. We believe the company’s portfolio will witness further strength in the Q3 & Q4 of the financial year,” said VR Sharma, Managing Director, JSPL in a statement.
At 12:14 hrs, Jindal Steel & Power was quoting at Rs 263.20, up Rs 2.60, or 1 percent on the BSE.
Source:-moneycontrol.com