Jindal Steel and Power surges over 4% on highest ever production & sales in FY17

Shares of Jindal Steel and Power (JSPL) advanced over 4 per cent in early trade on Thursday after the company informed bourses that it has grown impressively and registered highest ever production and sales figures in FY17 despite challenging times faced by the global steel industry for a larger part of the year.

The company registered production and sales of over 4.8 million tonne in the previous financial year ended March 31, 2017.

The scrip was trading 4.34 per cent up at Rs 129.70 around 9.40 am (IST). Shares of the company opened at Rs 124.55 and touched an intraday high and low of Rs 130.45 and Rs 124.55, respectively, in trade so far. Benchmark BSE Sensex was down 85.50 points, or 0.29 per cent, at 29888.74 around the same time.

In a BSE filing, the company said, “Jindal Shadeed Oman clocked highest ever production and sales, by recording an over 20 per cent rise in production and over 17 per cent rise in sales. Jindal Shadeed produced over 1.33 million tonnes of steel and recorded sales of over 1.31 million tonnes during FY 2016-17.”

The company’s Q4FY17 consolidated steel production jumped 12.3 per cent on a quarter-on-quarter basis to 1.3 million tonne.