JSW Steel was up 1.96% to Rs 262.90 at 10:22 IST on BSE after consolidated net profit rose 29% to Rs 836 crore on 17% growth in revenue from operations to Rs 16818 crore in Q2 September 2017 over Q2 September 2016.
The result was announced after market hours yesterday, 31 October 2017.Meanwhile, the S&P BSE Sensex was up 368.76 points or 1.11% at 33,581.89.
On the BSE, 1.59 lakh shares were traded on the counter so far as against average daily volumes of 2.98 lakh shares in the past two weeks. The stock had hit a high of Rs 266 and a low of Rs 261.35 so far during the day.
JSW Steel's revenue from operations for the quarter is not comparable to previous periods due to the implementation of Goods and Services Tax (GST) with effect from 1 July 2017.
On a consolidated basis, the company's operating EBITDA rose 4% to Rs 3036 crore in Q2 September 2017 over Q2 September 2016.
In its outlook, JSW Steel said that steel demand is expected to improve with government focus on infrastructure build up like roads, DFC, water & gas pipelines, metro, irrigation projects, solar energy, power T&D etc. Bank recapitalization will pave way for an uptick in credit growth and possible restart of the investment cycle, it added.
JSW Steel is the leading integrated steel company in India.
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