Its sales during the quarter rose to 1.91 MT from 1.39 MT a year ago. For the entire FY21, the company’s output stood at 7.51 MT, up 19.20 percent from 6.30 MT in the preceding fiscal.
Jindal Steel and Power | JSPL has ended the fiscal year on a strong note with sales hitting a new record of 7,86,000 tonnes in March 2021, up 61 percent YoY. Combination of robust domestic demand, attractive export markets (accounting for 38 percent of sales) and wide range of products have all contributed to JSPL reporting the steepest rise in monthly sales in FY21, said the company in its BSE filing.
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Jindal Steel and Power (JSPL) share price gained in the morning session on April 6 after the company reported a 37 percent jump in for the January-March quarter.
The steelmaker on April 5 reported a 34.41 percent rise in its output, and the sales grew 37.41 percent during the quarter ended March 31.
During the January-March period of 2020-21, the company produced 2.07 million tonne (MT) of steel, compared to 1.54 MT in the year-ago quarter, JSPL said in a statement.
Its sales during the quarter rose to 1.91 MT from 1.39 MT a year ago. For the entire FY21, the company’s output stood at 7.51 MT, up 19.20 percent from 6.30 MT in the preceding fiscal.
In March alone, the company said its production rose to 7.30 lakh tonne (LT), registering a 21 percent year-on-year growth. The sales in March 2021 were 61 percent higher at 7.86 LT over the same month last year.
The stock was trading at Rs 388.25, up Rs 5.65, or 1.48 percent at 09:52 hours. It has touched a 52-week high of Rs 397. It has touched an intraday high of Rs 397.00 and an intraday low of Rs 385.85.
Naveen Jindal-led Jindal Steel & Power will sell its entire stake in the power subsidiary, Jindal Power Ltd (JPL), in order to bring down its overall debt of Rs 28,000 crore and reduce carbon emissions within the group, sources told the Economic Times. The company has received expressions of interest and a deal will be concluded by the end of this month, they said.
JSPL’s gross debt level as of December 2020 was Rs 28,159 crore, including Rs 6,532 crore of Jindal Power, as per the company’s presentations.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities is of the view that on the daily and weekly charts, the stock has formed Higher High and Higher Low series pattern which suggests that the uptrend momentum is likely to persist in the near future.
For the positional traders, Rs 350 would be the trend decider level. If the stock trades above the same then we can expect a further uptrend up to Rs 400-425. However, if the stock closes below Rs 350, traders may prefer to exit out from trading long positions.
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