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Jindal Steel & Power Reports Record Quarterly Sales, Shares Gain 3%

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JSPL stated its consolidated metal gross sales jumped a report 30% within the September quarter

Jindal Steel & Power Limited (JSPL) stated on Tuesday highest ever standalone gross sales in 1 / 4, citing a revival in demand for the enable. The steelmaker stated gross sales stood at 1.93 million tonnes within the July-September interval, up a report 29 per cent in comparison with the corresponding interval a yr in the past. The firm stated it additionally registered report manufacturing of metal and pellets within the three-month interval ended September 30. Shares in JSPL rose as a lot as 2.92 per cent to Rs 202.40 apiece on the BSE after the announcement, having begun the day mildly stronger at Rs 198.60 in comparison with their earlier shut of 196.65. (Track JSPL Share Price)

In a regulatory submitting earlier than market hours, JSPL stated its consolidated metal gross sales jumped a report 30 per cent to 2.41 million tonnes within the quarter ended September 30, from 1.85 million tonnes within the corresponding interval a yr in the past. Consolidated metal manufacturing grew 18 per cent to 2.35 million tonnes in comparison with the year-ago interval.

On a standalone foundation, JSPL stated its metal manufacturing rose 16 per cent to 1.84 million tonnes within the second quarter of 2020-21. Pallet manufacturing got here in at 2.01 million tonnes, it added.

“We are proud of our dedicated workforce and their hard work. We firmly believe in the India growth story and want to contribute to it significantly. We are setting new production benchmark for ourselves and would like to surpass them consistently going forward,” stated VR Sharma, managing director, Jindal Steel & Power.

“We are ramping up sales and production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path,” he added. 

Steel exports – contributing 38 per cent of complete gross sales – had been at 0.74 million tonnes, JSPL stated.

At 11:30 am, Jindal Steel & Power shares traded 0.23 per cent larger at Rs 197.10 on the bourse, underperforming the benchmark S&P BSE Sensex index, which was up 0.83 per cent amid a robust shopping for curiosity in monetary shares.



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