Jindal Steel surges on highest ever production

Today, Jindal Steel & Power informed the bourses that is has recorded the highest ever quarterly domestic production of crude steel and related products with a 22 per cent YoY growth in the third quarter ended December 2019 as a result of the strong and consistence performance across all locations, especially in the Angul operations. The total crude steel and related production stood at 1.61 million tonnes, compared to 1.32 million tonnes in the corresponding period last year.

During Q3FY20, JSPL has recorded a growth of 30 per cent in sales at 1.66 million tonnes against 1.27 million tonnes over the same period last year. Export shipments increased more than 3 Lakh MT, recording an increase of 213 per cent YoY during Q3FY20. JSIS Oman also observed the highest ever Sales and production during Q3FY20. Steel sales increased by 27 per cent YoY to 0.572 million MT and steel production increased by 10 per cent to 0.502 million MT.

Besides, the company’s management is looking to become debt-free in the next 3-4 years.

With this development, the stock of Jindal Steel surges on the bourses by almost 4 per cent to touch an intraday high of Rs 173.25 apiece.

JSPL is one of India’s largest integrated steel manufacturers, significantly present in the steel, power generation, and the infrastructure segments and is catering to a large part of India's domestic energy and infrastructure requirements.