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Jindal Steel share rises over 6% on record production, sales in December

BusinessToday.In     January 4, 2021

Jindal Steel & Power (JSPL) share rose over 6% to hit a new high of Rs 288 on Monday after the firm posted a record 30% jump in its standalone production and 25% growth in sales during December 2020.

Jindal Steel stock touched an intraday high of Rs 288, gaining up to 6.55% on BSE, also its new 52-week high. The stock has gained 10.8% in the four consecutive days.

The private steel maker's total output from its plants in India stood at 7.27 lakh tonne (LT) for December as compared to 5.59 LT during the same month last year

JSPL said the company recorded its highest ever production and sales numbers in December 2020, as well as in the October-December period. The company's standalone sales came in at 7.11 LT during the month under review, as against 5.67 LT in December 2019.

"We are proud of our dedicated workforce who achieved such an extraordinary increase in the production with existing capacity by way of optimizing various operating parameters without any Capex. We will achieve even greater heights in times to come," JSPL Managing Director (MD) V R Sharma said.

Jindal Steel & Power stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has risen 68% in one year and gained 8% since the beginning of this year. In one month, the share has gained 7%. The market cap of the firm rose to Rs 29,412 crore on BSE.

Meanwhile, research firm Jefferies said in its recent report that 2021 is likely to be the year of a synchronised pick-up in most other major economies adding that benign monetary policies and potential stimulus measures, provide strong backdrop.

"Indian metal stocks should deliver strong earnings rebound in FY22. Our FY22-23 EPS for Tata Steel, JSW Steel and Hindalco Industries are 14-26 percent above street," it said in a report.

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