Share price of Jindal Steel and Power Limited (JSPL) edged higher by more than two per cent on Tuesday, September 7, after the company’s steel sales jumped six per cent month-on-month to 7.1 lakh tonnes in August.
Jindal Steel and Power opened on the BSE at Rs 392.80, swinging to an intra day high of Rs 404.60 and an intra day low of Rs 389.90, throughout the trading session today. The steel sales for the company rose four per cent year-on-year to 7.1 lakh tonnes last month, according to a regulatory filing by JSPL to the stock exchanges. Jindal Steel and Power’s production stood at 6.6 lakh tonnes during the month.
The company’s exports share increased to 42 per cent in August 2021, which boosted the overall sales. The inventory levels continued to decline as the sales volume surpassed production for the second consecutive month.
”….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, Jindal Steel and Power.
With an investment of around $12 billion across the globe, the leading infrastructure conglomerate has its presence across the power, steel, and mining sectors.
The company’s net profit rose 11-folds to Rs 2,516 crore on a consolidated basis in the April-June quarter of the current fiscal. Its revenue from operations increased 67 per cent year-on-year to Rs 11,698 crore during the quarter.
On Tuesday, shares of Jindal Steel and Power settled 2.38 per cent higher at Rs 399.65 apiece on the BSE.