JSW Steel stock slips 4% despite rise in February production

JSW Steel stock fell nearly 4 per cent today despite the firm reporting a 20 per cent rise in February steel output. Shares of the steel manufacturer touched an intraday low of Rs 613.05, falling 3.81 per cent against the previous close of Rs 637.35 on the BSE.

A total of 2.46 lakh shares changed hands amounting to turnover of Rs 15.36 crore on the BSE. JSW Steel shares trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 54.43 per cent in the last one year but has fallen 3.93 per cent since the beginning of this year. Market cap of the firm fell to Rs 1.52 lakh crore on the BSE.

Later, the share closed 1.25 per cent lower at Rs 629.40. The share hit a 52-week high of Rs 776.50 on August 6, 2021 and a 52-week low of Rs 396.70  on March 9, 2021.

The firm clocked a 21 per cent year-on-year (y-o-y) rise in its crude steel output to 1.58 million tonnes (MT) for February against 1.31 MT in February 2021.

JSW Steel's output of flat-rolled products climbed 25 per cent to 1.15 MT in February 2022, as compared with 0.93 MT in the year-ago period.

Its output of long-rolled products stood at 0.37 MT, an 8 per cent rise compared with 0.34 MT a year ago.

For the quarter ended December 2021, the firm logged a 62.51 per cent rise in net profit at Rs 4,357 crore against Rs 2,681 crore profit in the corresponding quarter of the previous fiscal. Sales climbed 74 per cent to Rs 38,071 crore in Q3 against Rs 21,859 crore sales in the year-ago period.

Operating profit rose 53.58 per cent to Rs 9,132 crore in the last quarter against Rs 5,946 crore in Q3 of the previous fiscal.

JSW Steel is the flagship business of the $13-billion diversified JSW Group which has presence in sectors such as energy, infrastructure, cement, paints, sports and venture capital.

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