Share price of Jindal Steel and Power Limited (JSPL) rose more than two percent on Tuesday, September 7, after the company’s steel sales rose six percent month-on-month to 7.1 lakh tons in August.
Jindal Steel and Power opened on the BSE at Rs 392.80, fluctuating to an intraday high of Rs 404.60 and an intraday low of Rs 389.90, during today’s trading session. Steel sales for the company rose four percent year-on-year to 7.1 lakh tons last month, according to a regulatory filing by JSPL with the exchanges. Production of Jindal Steel and Power was 6.6 lakh tons during the month.
The company’s export share rose to 42 percent in August 2021, boosting overall sales. Inventory levels continued to decline as sales volume exceeded production for the second month in a row.
”…we hope that domestic demand will recover strongly once the monsoon season is over. The Government of India is boosting its infrastructure projects and this will help steel players capitalize on the growth momentum,” said Mr VR Sharma, Managing Director, Jindal Steel and Power.
With approximately $12 billion global investment, the leading infrastructure conglomerate has a presence in the energy, steel and mining sectors.
The company’s net profit increased 11-fold to Rs 2,516 crore on a consolidated basis in the April-June quarter of the current fiscal year. Revenue from operations rose 67 percent year-on-year to Rs 11,698 crore in the quarter.
On Tuesday, shares of Jindal Steel and Power were trading 2.38 percent higher at Rs 399.65 each on the BSE.