JSPL Steel Sales jumps 6% M-o-M in August 2021 despite sluggish demand

Notwithstanding subdued construction activities due to the ongoing monsoons in August, Jindal Steel & Power Limited (JSPL) maintained strong momentum in sales and production. Steel sales volume increased 6% M-o-M and 4% Y-o-Y to 7.1 lakh tonnes. Exports continue to boost JSPL's sales efforts as its share increased to 42% during the month.

Monthly production also rose 6% Y-o-Y to 6.6 lakh tonnes. Inventory levels continue to decline as sales volume surpass production for the second consecutive month.

"JSPL is committed to achieving its yearly sales & production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The Government of India is pushing its infrastructure projects and this will help steel players to ride the growth momentum", said Mr. VR Sharma, Managing Director, JSPL in a statement.

Shares of Jindal Steel & Power Ltd was last trading in BSE at Rs. 390.35 as compared to the previous close of Rs. 392.5. The total number of shares traded during the day was 250373 in over 4048 trades.

The stock hit an intraday high of Rs. 396.6 and intraday low of 386.2. The net turnover during the day was Rs. 97770541.

Source : Equity Bulls

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