Jindal Steel & Power (JSPL) share price added 2 percent intraday on September 7 after the company reported better sales and production numbers for August.
The company's steel sales volume increased 6 percent month-on-month and 4 percent year-on-year (YoY) to 7.1 lakh tonnes. Its monthly production also rose 6 percent YoY to 6.6 lakh tonnes and exports increased to 42 percent in August.
The inventory levels continued to fall as sales volume surpassed production for the second consecutive month, the company said in a release.
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“JSPL is committed to achieving its yearly sales and production targets, we hope the domestic demand will rebound sharply once the monsoon season is over. The government of India is pushing its infrastructure projects and this will help steel players to ride the growth momentum”, said VR Sharma, Managing Director, JSPL.
At 0950 hours, Jindal Steel & Power was quoting at Rs 393.65, up Rs 3.30, or 0.85 percent.
The share touched a 52-week high of Rs 501.60 on May 10, 2021 and a 52-week low of Rs 159.70 on September 22, 2020. It is trading 21.52 percent below its 52-week high and 146.49 percent above its 52-week low.
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