JSW Steel has moved higher by 2% at Rs 748 after reporting a 547% year-on-year jump in standalone net profit at Rs 822 crore in September 2012 mainly on higher volumes and rupee appreciation impact. The company had a profit of Rs 127 crore in a year ago quarter. Net sales grew by 16% to Rs 8,834 crore during the quarter ended September against Rs 7,625 crore in the year-ago period.
“Due to 6.4% appreciation in the value of the rupee against the dollar during Q2 of 2012-13, the gain of Rs 422 crore on restatement of foreign currency monetary items at close of the quarter credited to profit and loss account, has been considered by the company as exceptional in nature,” JSW Steel said in a statement.
The stock opened at Rs 738 and hit a high of Rs 749 on the BSE. A combined 485,800 shares have changed hands on the counter so far on both the exchanges.
