JSW Steel Shares Rise on Strong Q1 Update
JSW Steel shares climbed on Thursday, July 9, touching a day’s high of Rs 1,233.10 on the NSE after the steel major’s strong Q1 output update. The company’s consolidated crude steel production came in at 6.59 million tonnes for the quarter, up 3% from 6.38 million tonnes a year ago.... The post JSW Steel Shares Rise on Strong Q1 Update appeared first on Equitypandit.
JSW Steel shares climbed on Thursday, July 9, touching a day’s high of Rs 1,233.10 on the NSE after the steel major’s strong Q1 output update.
The company’s consolidated crude steel production came in at 6.59 million tonnes for the quarter, up 3% from 6.38 million tonnes a year ago.
This growth came despite Blast Furnace 3 at the Vijayanagar plant being shut for most of the quarter for a capacity upgrade.
The furnace only resumed production on 23 June, staying operational for just over a week out of the full three months. Here’s what makes the number more impressive.
If the impact of that shutdown is excluded, production volumes actually jumped nearly 15% compared to last year. This was driven by the full ramp up of JVML operations along with better output at the company’s Dolvi unit.
JSW Steel Indian operations alone produced 6.35 million tonnes during the quarter, a rise of 3% from 6.14 million tonnes a year earlier. Capacity utilisation for these Indian plants stood at around 94%, again excluding the furnace that was under shutdown.
The company’s US arm in Ohio produced 0.24 million tonnes, similar to last year but higher than the 0.15 million tonnes seen in the previous quarter. On a sequential basis, overall production rose 2% from 6.48 million tonnes in the March quarter.
This update comes just days after JSW Steel began work on a large new integrated steel project worth Rs 16,350 crore in Andhra Pradesh’s Rayalaseema region. The plant will use electric arc furnace technology and is being developed in two phases.
At 12:42 pm, JSW Steel shares were trading at Rs 1,230.10 on the NSE, up 0.87% for the day. The stock has gained close to 18% over the last 12 months.
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The post JSW Steel Shares Rise on Strong Q1 Update appeared first on Equitypandit.
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