JSPL reports highest ever production, Stock Up

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Steel major, Jindal Steel & Power Limited (JSPL) informed the stock exchanges that the company recorded the highest ever domestic quarterly steel sales & production in the March quarter 2019.

During the aforesaid quarter, the steel company reported a crude steel production of 1.51-mln tonnes, representing 23pc growth on Year-on-Year basis. During the equivalent quarter of the last year, JSPL had reported a steel production of around 1.26-mln tonnes.

The company registered a sales volume 1.45-mln tonnes, a growth of over 20pc from the previous quarter. The quarterly Sales & production in the fourth quarter of the previous fiscal were recorded at1.18MT and 1.26MT respectively.

The stock of JSPL reacted positively with this development, in the afternoon hours of trade.  The stock which opened at Rs186/per share moved flat in the morning and later touched an intraday high of Rs190 and closed at Rs.189.25 up 1.50pc on the NSE, with Nifty closed at 11787-level up 96 points and the Sensex crossed at 39275.65 up 369 points.