JSW Steel extends gains after reporting highest ever quarterly crude steel production

JSW Steel rose 1.94% to Rs 1,809 at 13:00 IST on BSE after the company reported highest ever quarterly crude steel production of 3.98 million tonnes for Q2 September 2016.

The announcement was made during market hours today, 10 October 2016.

Meanwhile, the S&P BSE Sensex was up 71.42 points or 0.25% at 28,132.56.

On BSE, so far 51,860 shares were traded in the counter as against average daily volume of 76,251 shares in the past two weeks. The stock hit a high of Rs 1,821.35 and a low of Rs 1,779.50 so far during the day. The stock had hit a record high of Rs 1,886.50 on 8 September 2016. The stock had hit a 52-week low of Rs 855.55 on 9 November 2015. The stock had underperformed the market over the past one month till 7 October 2016, falling 4.1% compared with 2.99% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, advancing 21.3% as against Sensex's 3.16% rise.

The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.

JSW Steel said that crude steel production rose 22% to 3.98 million tonnes in Q2 September 2016 over Q2 September 2015. The production of flat rolled products rose 12% at 2.86 million tonnes in Q2 September 2016 over Q2 September 2015. The production of long rolled products rose 24% at 0.79 million tonnes in Q2 September 2016 over Q2 September 2015.

Separately, JSW Steel announced during market hours today, 10 October 2016 that a meeting of the board of directors will be held on 27 October 2016, to consider stock split. The board of directors will also consider and announce Q2 results of the company on that day.

Separately, JSW Steel announced after market hours on Friday, 7 October 2016, that it has been declared a preferred bidder in 5 mines in the auctions for category C mines conducted by state government of Karnataka. The auction was conducted during the period 1 October 2016 to 6 October 2016. The estimated resources in these 5 mines as per the tender documents are around 111 million tonnes. The highest final offer price by the company to become a preferred bidder is in the range of 58.9% to 102.52% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time. The company will take all requisite steps as per the tender documents to obtain letter of intent, all statutory clearances, execute mine development & production agreement (MOPA) and start the mining operations.

On consolidated basis, JSW Steel's net profit jumped 5133.6% to Rs 1109 crore on 2.4% rise in net sales to Rs 11542.38 crore in Q1 June 2016 over Q1 June 2015.

JSW Steel is an integrated steel company and a part of JSW group.

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