Jindal Steel shares hit lower circuit on Q3 earnings 

Shares of Jindal Steel and Power Ltd (JSPL) crashed 10% in early deals on Friday after the firm reported its Q3 earnings.  Net profit slipped 51 percent year-on-year for the quarter ended December 31 to Rs 951 crore.  Consolidated revenue rose marginally year-on-year to around Rs 11,751 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) slipped nearly 24 percent year-on-year to Rs 2,133 crore. 

The company said that EBITDA per tonne during the quarter of Rs 11,209 was lower on a sequential basis, owing to the impact of higher iron ore prices. 

In the current session, the stock rose fell 10% to Rs 756.10 on BSE. JSPL stock hit a record high of Rs 1097.10 on June 21,2024 and fell to a 52 week low of Rs 708.80 on February 13, 2024. A total of 2 lakh shares of the firm changed hands amounting to a turnover of Rs 15.11 crore on BSE.    

JSPL shares have clocked multibagger returns of 329% in the last five years.The stock has a one-year beta of 1.3, indicating very high volatility during the period. However, the stock is neither overbought nor oversold on charts with the relative strength index (RSI) of Jindal Steel at 31.9. Jindal Steel shares are trading lower than the 10 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.