Share price of Jindal Steel and Power Limited (JSPL) edged higher by more than two per cent on Wednesday, July 7, after the company announced that its production in the April-June quarter of the current fiscal increased 20 per cent year-on-year. On Wednesday, Jindal Steel opened on the BSE at Rs 393, swinging to an intra day high of Rs 402.60 and an intra day low of Rs 384.30, during the trading session. The leading steel major reported that its output in the first quarter stood at a record 2.01 million tonnes, despite challenges posed by COVID-induced lockdown restrictions.
The company's steel production in the corresponding quarter last year stood at 0.64 million tonnes. At 2.01 MT in the June quarter, the company marked a record first-quarter production in a given fiscal year and a second-highest quarterly production ever.
Jindal Steel and Power's sales stood at 1.61 million tonnes during the quarter, marking a three per cent growth year-on-year. The company's exports were impacted by logistical challenges posed by adverse weather conditions, which resulted in congestion at ports.
The inventory of 1.5 lakh tonnes presently remains stuck at a port which will be shipped as soon as the logistical bottlenecks are removed, said Jindal Steel in its statement. The company has a dominant presence in power, infrastructure, mining, and steel sectors.
On the NSE, Jindal Steel opened at Rs 393, registering an intra day high of Rs 402.60 and an intra day low of Rs 384.05, during the session today. Shares of Jindal Steel settled 2.33 per cent higher at Rs 400.10 on the BSE.