Shares of Jindal Steel and Power Limited (JSPL) gained more than 13 per cent on Tuesday, while other steel stocks were up between 2 and 6 per cent. The trigger for JSPL was its all-round better-that-expected results for the March quarter (Q4), which were announced on Monday evening. This was enabled by continued benefits from expanded steel capacities at Angul (leading to economies of scale) and increasing usage of cheaper coal from captive Sarda mines.
And, this trend is expected to continue. Better steel realisations, both in India and Oman, too, helped. Steel price hikes in India ...
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First Published: Wed, May 27 2020. 02:16 IST
