JSW Steel share price was among the top gainers on bourses BSE and NSE after the company posted better than street estimates March quarterly results.
Post the result announcement, JSW Steel stock climbed 7.16% to the intraday high of Rs 178.2 on BSE today. The stock has gained after 2 days of consecutive fall.
The stock trades higher than its 5, 20 and 50 day moving averages but lower than 100 and 200-day moving averages. The market capitalisation of the large-cap stock currently stands at Rs 42,663.94 crore.
The stock has gained 4.2 % in one week, and over 15% in one month. However, the stock has fallen almost 35% since the beginning of the year. Meanwhile, the Iron and Steel sector has gained by 4.09% intraday.
The company reported 84.83% fall in net profit at Rs 231 crore during the quarter ended March 31, 2020, as against a profit of Rs 1,523 crore, recorded in a year-ago period, mainly on account of lower-income.
Company's consolidated total income fell 20% (YoY) to Rs 17,887 crore in the January-March quarter of the current fiscal as compared to Rs 22,368 crore in a year-ago period. JSW Steel expenses also fell to Rs 17,056 crore in Q4FY20 from Rs 20,058 crore during Q4FY19.