Jindal Steel and Power (JSP) continues to post robust Steel sales in February 2022 with volumes up 8% Y-o-Y to 5.90 lakh tonnes (compared to 5.47 lakh tonnes in same period prior year). Sales would have been higher if not for limited rake availability in the eastern part of the country. Railway Rake availability issue is not yet fully resolved, hampering Company's sales efforts.
JSP's steel production stood at 6.57 lakh tonnes in February 2022 which was modestly higher than previous year (+1% Y-o-Y). Exports contributed 24% to the sales volumes.
"The World has started feeling the heat of the unfortunate Russia-Ukraine conflict. Brent & energy prices are skyrocketing due to the full scale war in Eastern Europe. Input costs for Steam coal, Coking Coal and Ferro alloys are witnessing substantial rise which has resulted in higher steel prices. While we hope and pray for faster resolution of the conflict, it will take at least six months for markets to stabilize post war. Higher input costs should therefore result in continued rise in steel prices as the industry grapples with containing cost pressures," said Mr VR Sharma, Managing Director, JSP in a statement.
Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 449.70 as compared to the previous close of Rs. 441.85. The total number of shares traded during the day was 275925 in over 6624 trades.
The stock hit an intraday high of Rs. 459.10 and intraday low of 436.80. The net turnover during the day was Rs. 123393327.00.