JSW Steel rose 3.22% to Rs 513 at 11:46 IST on BSE on reports the company will hike its product prices by 4% to 6% from 1 September 2013, following a steep rise in raw material cost.
Meanwhile, the BSE Sensex was down 32.67 points, or 0.18%, to 17,873.24.
On BSE, 1.02 lakh shares were traded in the counter compared with average volume of 1.92 lakh shares in the past one quarter.
The stock hit a high of Rs 525 and a low of Rs 488.10 so far during the day. The stock hit a 52-week low of Rs 451.50 on 19 August 2013. The stock hit a 52-week high of Rs 893.75 on 29 January 2013.
The stock had underperformed the market over the past one month till 21 August 2013, sliding 12.81% compared with the Sensex's 11.14% decline. The scrip had also underperformed the market in past one quarter, falling 28.19% as against Sensex's 10.97% fall.
The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.
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Jayant Acharya, director-marketing, JSW Steel, was quoted by media as saying that with the company's coal import bill going up by nearly Rs 1500 crore, it has no choice but to raise prices anywhere between 4% and 6% from next month. The company's cost of production has been going up due to higher cost of raw materials, especially coal, and the rupee depreciation has made it difficult to absorb the hike, he added.
Reports suggested that while iron ore prices have jumped from $129.50 to $144 per tonne at present, coal prices have moved up from $125 in end June to around $136/tonne.
JSW Steel reported consolidated net loss of Rs 381.82 crore in Q1 June 2013, as against net profit of Rs 49.65 crore in Q1 June 2012. Total income rose 3.5% to Rs 10289.80 crore in Q1 June 2013 over Q1 June 2012.
JSW Steel is engaged in manufacture of flat and long products viz. H R Coils, C R Coils, Galvanised/Galvalume products, Colour Coated Products, auto grade / white goods grade CRCA Steel, Bars and Rods. JSW Steel is one of the largest galvanizing and colour coating production capacity in the country and is the largest exporter of galvanized products with presence in over 100 countries across five continents.
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