JSW Steel shines bright

JSW Steel is a great performer. The stock, which had closed on Friday at Rs.140, opened today at Rs.146.55 and went up to an intraday high at Rs.153.50, just 50 paise short of its 10% UC today of Rs.154.

The company, today morning announced that its crude steel production during Jan and Feb was higher by 1% on a YoY though post the lock down in March, there has been a sharp fall in production across all plant locations.

Its crude steel production for Q4FY20 was down 5% (YoY) at 3.97 million tonnes (MT). That of flat rolled products was down 5% and long rolled products was down 4%.

The company achieved 97.3% of revised production guidance of 16.50 Million tonnes of FY 2019-20 and said it could have almost achieved the revised guidance if there was no such exceptional events Viz. COVID19.

The company is making all preparations to recommence operations at all locations on lifting of lockdown in the next few days.