JSPL shines bright

Jindal Steel and Power (JSPL), on Friday reported good growth for November.

It witnessed a 15% (YoY) growth of 15% in Standalone Steel Production with 6,14,000 tonnes in Nov v/s 533,000 tonnes.

Its standalone sales also rose with 562,000 tonnes v/s 557,000 tonnes. The export sales contributed to 21% of total sales volumes. Its exports also grew at a rate of 10%.

The company said that domestic steel demand is rising in H2 FY 21 and that bodes well for JSPL, which is focusing more on value-added products. It expects further strength in the Q3 & Q4 of the financial year.

The stock opened almost 1.5% at Rs.264.10, rising further to Rs.269.30, not too far from its 52-week high of Rs.272.75.