JSW Steel rose 0.79% to Rs 1031.55 at 10:42 IST on BSE after the firm's commercial and marketing director, Jayant Acharya, said that steel consumption may rise in the current fiscal by around 5-6% in line with the projected GDP growth of the country.
The company made the announcement after market hours on Tuesday, 1 April 2014.
Meanwhile, the BSE Sensex was up 82.11 points, or 0.37%, to 22,528.55.
On BSE, so far 27,000 shares were traded in the counter, compared with an average volume of 95,722 shares in the past one quarter.
The stock hit a high of Rs 1040 and a low of Rs 1017.10 so far during the day. The stock hit a 52-week high of Rs 1,046.75 on 7 January 2014. The stock hit a 52-week low of Rs 451.50 on 19 August 2013.
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The stock had outperformed the market over the past one month till 1 April 2014, rising 17.10% compared with the Sensex's 6.28% rise. The scrip had, however, underperformed the market in past one quarter, rising 0.90% as against Sensex's 6.18% rise.
The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.
JSW Steel, the country's leading steel producer with an installed capacity of 14.3 mtpa, reduced prices for its two steel products- hot rolled coil and wire rod, effective from 1 April 2014. The quantum of the cut will be Rs 500-750 per tonne for HRC and Rs 500 for Wire rod.
Mr Jayant Acharya, Director-commercial and marketing, JSW Steel said, "Considering the international steel prices and the appreciation of the Indian rupee, the company has adjusted domestic prices downward to align it with the landed cost of import. The domestic demand has seen an improvement in the last quarter and we are optimistic that steel consumption will rise in the current fiscal by around 5-6% in line with the projected GDP growth of the country."
On a consolidated basis, JSW Steel reported a net profit of Rs 466.49 crore in Q3 December 2013 as against net loss of Rs 73.70 crore in Q3 December 2012. Total income rose 53.29% to Rs 13637.21 crore in Q3 December 2013 over Q3 December 2012.
There was a foreign exchange (forex) loss of Rs 268.45 crore in Q3 December 2012 while the forex loss was nil in Q3 December 2013.
JSW Steel, the flagship company of the JSW Group is India's leading integrated steel manufacturer with a combined capacity of 14.3 MTPA. It is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents. With state-of-the-art manufacturing facilities at Toranagallu in Karnataka, supplemented by units at Dolvi, Vasind, Tarapur, Kalmeshwar in Maharashtra and Salem in Tamil Nadu; JSW Steel is recognised for its innovation and quality. It has entered into technological collaboration with Japan's JFE Steel Corp, for manufacturing high grade steel for specific industry applications such as automobiles. It offers an entire gamut of steel products - Hot Rolled Coils / MS Plates, Cold Rolled, Galvanized, Galvalume, Pre-painted Galvanised, Pre-painted Galyalume, TMT Rebars, Wire Rods & Special Steel Bars, Rounds & Blooms. JSW Steel has acquired a pipe and plate making steel mill in Baytown, Texas in USA. By 2025, JSW Steel is aiming to produce 40 million tonnes of steel annually with greenfield integrated steel plants coming up in West Bengal and Jharkhand, while adding further capacities at the Vijayanagar and Salem plants. It has also signed a joint venture agreement with Japan's Marubeni-Itochu Steel Inc (MIS!) to set up steel processing centres in India. The equal joint venture company is equipped to process flat steel products such as hot rolled, cold rolled steel and coated products to cater to the needs of automotive, white goods, construction and other value added segments.
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