JSW Ispat hits 5% UC

JSW Ispat Special Products announced a very good set of earnings for Q4FY21, yet the market, going with the downward rally in metal stocks today, opened at its 5% UC of the day at Rs.61.60, while on Wednesday, it had hit a new high at Rs.67.

The company, for Q4FY21 posted a consolidated net profit of Rs.93 crore v/s loss of Rs.105 crore (YoY) while sequentially, profit rose 210% sequentially.

This was on revenue of Rs.1477 crore v/s Rs.617 crore (YoY).

Despite the earnings, the stock is down as brokerage houses, for now seme to have factored in this performance and there is overall profit booking in most metal stocks. Most of these steel companies have diverted oxygen for the emergency usage for treatment of Covid, which is expected to bring down production in April-May.