JSPL share price jumps 3% on record sales data

Jindal Steel and Power (JSPL) share price rose 3 percent in the early trade on October 6 after the company reported a record 30 percent growth in its consolidated steel sales at 2.41 million tons in Q2FY21 as compared to 1.85 million tons in Q2 FY 20.

The company also reported 18 percent year-on-year growth in consolidated steel production with 2.35 million tons in Q2FY21 as compared to 1.99 million tons in Q2FY20.

On a standalone basis, the company recorded 29 percent YoY growth in steel sales with 1.93 million tons in Q2FY21 as compared to 1.49 million tons in Q2FY20.

The company also reported a 16 percent rise in standalone steel production with 1.84 million tons in Q2FY21 against 1.58 million tons in the Q2FY20.

"We are setting new production benchmark for ourselves and would like to surpass them consistently going forward. We are ramping up sales and  production, as India comes out of the lockdown effect and ramps up its economic activities towards a renewed growth path,” VR Sharma, MD, JSPL, said.