On 23rd November, JSL posted its results for the September quarter of the current financial year. The company posted a narrowed net loss as compared to the same quarter in the previous financial year. JSL’s Q2FY17 net loss stood at 650 million Rupees, while in the corresponding quarter last year it had been 1.23 billion Rupees.
At 11:30 AM, JSL share price was trading at Rs. 37.35, up by 6.87 per cent on the improved Q2 result.
The company’s total income from operations also went up to 20.78 billion Rupees as compared to 16.52 billion Rupees in the equivalent quarter last financial year. In the year on year comparison, EBITDA, at Rs. 234 crores grew by 62 per cent while on Quarterly basis it grew 7 per cent. Gross revenue of JSL grew by 26 per cent on the yearly basis. Stainless Steel sales volume went up 34 per cent on the yearly basis, while it surged 1 per cent Quarter on Quarter. Year on Year, Stainless Steel production volume went up by 35%, while on Quarterly basis it increased by 7 per cent.
JSL share price today opened at Rs. 35.90, above its previous close of Rs. 34.95. In the early morning trade, the stock surged by almost 8 per cent to trade at the so far intraday high of Rs. 37.70.
Also, Jindal Stainless may be interested in bidding for Salem Steel Plant of Steel Authority of India Ltd (SAIL)’s. Salem Steel Plant in Tamil Nadu and the Visesvaraya Iron and Steel Plant in Karnataka are among the firms identified by Narendra Modi government for divestment. The aim is to make the two loss-making units profitable. Both the plants are owned by SAIL.
JSL is the top 500 recommended stock for the quarter by Dynamic Levels. For the details on Jindal Stainless, visit JSL share price history page of Dynamic Levels website.
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