JSPL's Steel Sales rise 21% MoM in July 21

Jindal Steel & Power Limited (JSPL), reported a sharp recovery in steel sales in the month of July 21, returning back to its growth path. Steel sales were up 5% Y-o-Y and surged 21% M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year.

JSPL reports monthly steel production of 6.5 lakh tonnes, up 8% Y-o-Y as compared to 6.03 lakh tonnes during the same month in the previous year.

Exports accounted for more than 40% of the total sales volumes due to high spot demand from international markets.

"Despite second wave of COVID related disruptions, we are on track to achieve our annual target of 8.25 mt for FY22. Further, we are seeing COVID cases come down, which will give a major relief to the industry and our customers. The effective vaccination campaign driven by the Government of India will encourage workers to return to construction sites and help speed up manufacturing, which will likely to boost domestic demand" said Mr VR Sharma, Managing Director, JSPL.

Shares of Jindal Steel & Power Ltd was last trading in BSE at Rs. 415.9 as compared to the previous close of Rs. 421.7. The total number of shares traded during the day was 454479 in over 6066 trades.

The stock hit an intraday high of Rs. 432.05 and intraday low of 413.75. The net turnover during the day was Rs. 192052668.

Source : Equity Bulls

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