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Last Updated : Dec 09, 2019 01:45 PM IST | Source: Moneycontrol.com

JSW Steel share price climbs 2% after growth in crude steel production

However, in year-on-year (YoY) terms, the production of crude steel was down 7 percent. The company had produced 13.90 lakh tonnes of crude steel in November 2018.

 
 
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Shares of JSW Steel climbed 2 percent on BSE on December 9 after the company showed a 3 percent month-on-month (MoM) growth in crude steel production in November 2019.

The company said its crude steel production for the month of November 209 stood at 13.90 lakh tonnes.

However, in year-on-year (YoY) terms, the production of crude steel was down 7 percent. The company had produced 13.90 lakh tonnes of crude steel in November 2018.

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The production of flats and longs declined 1 percent and 14 percent YoY, respectively, for the month of November.

As per the brokerage firm Narnolia Financial Advisors, despite the challenging environment, as the lower demand for steel products due to slowdown in the automobile industry, prolonged monsoon and continuous decline in HRC prices, the company's management pushed its product outside India which contributes 31 percent of total revenue.

The brokerage is of the view that the management revised guidance for the volume of 97 percent for both productions as well as sales will help to achieve better volumes in H2FY20.

Narnolia Financial Advisors has a buy recommendation on the stock with a target price of Rs 295.

Shares of the company were trading 1.16 percent up at Rs 257 on BSE around 13:30 hours IST.

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First Published on Dec 9, 2019 01:45 pm
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