JSW Steel shares in news today as Q1 profit misses estimates

Shares of JSW Steel are in focus today after first quarter net profit (attributable to owners) fell 64 percent to Rs 867 crore. The profit missed consensus estimates of Rs 1,254 crore. Revenue from operations came  at Rs 42,943 crore, up from Rs 42,213 crore in the year-ago quarter. EBITDA in Q1 slipped 22% on a year-on-year basis YoY to Rs 5,510 crore, while margins declined 390 basis points to 12.8%.

Crude steel production for the quarter fell 3% YoY to 5.3 million tonnes and was down 7% QoQ. Steel sales for the quarter increased 3% year-on-year to 5.09 million tonnes.

The metal sector stock slipped 4.36% to Rs 889.55 on July 19 against the previous close of Rs 930.10. A total of 2.37 lakh shares of the firm changed hands amounting to a turnover of Rs 21.26 crore on BSE.

JSW Steel stock has clocked 12.35% returns in a year. This year, the stock is up just 1.39%.

In terms of technicals, the relative strength index (RSI) of the stock stands at 38, signaling it's trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 10 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.