Jindal Steel & Power Limited share price increases by 2 percent

JSPL marked an increase of 6 percent month-on-month and 4 percent year-on-year (YoY) to 7.1 lakh tonnes.

On September 7, Jindal Steel and Power Limited, an Indian steel and energy company based in New Delhi share price added by 2 percent intraday after the company reported better sales and production numbers for August.

In the month of August, the company’s steel sales marked an increase of 6 percent month-on-month and 4 percent year-on-year (YoY) to 7.1 lakh tonnes. Its monthly production also rose 6 percent YoY to 6.6 lakh tonnes with an increase in exports to 42 percent.

As sales volume exceeds the production for the second consecutive month, the inventory levels continued to fall, said the company in a release.

VR Sharma, Managing Director of JSPL said in an official statement, “JSPL is committed to achieving its yearly sales and 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.”

At 0950 hours, Jindal Steel & Power was quoting at Rs 393.65, up to Rs 3.30, or 0.85 percent. On May 10, 2021, the share touched a 52-week high of Rs 501.60 and a 52-week low of Rs 159.70 on September 22, 2020. It is trading 21.52 percent below its 52-week high and 146.49 percent above its 52-week low.

With a turnover of approx. ₹40000 crores, JSPL is a part of about ₹130000 crores diversified Jindal Group conglomerate. JSPL is a leading player in steel, power, mining, oil and gas, and infrastructure in India.

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