JSW Steel Ltd (BSE:500228, NSE: JSWSTEEL) has gained on Friday trading on improved crude steel production in April. JSW Steel hit a high of Rs 325 in morning trade before falling to Rs 323.70 in afternoon trade. In the past one month the scrip has risen from a low of 308 to Rs 328 showing volatility.
JSW Steel reported 6% growth in crude steel production in April on an annualised basis at 13.61 lakh tons of which flat rolled products rose 4% to 9.67 lakh tons and rolled products long rose 9% to 3.24 lakh tons.
The company reported 143% gain in net profit at Rs 1744 cr while sales rose 28.06% to Rs 17,669 cr. The scrip is trading at a Price Earnings Ratio of 23. ON technical charts, RSI of 57 indicates bullishness while MACD has witnessed a bullish crossover while ADX of14 indicates range bound trading.
JSW Steel is a part of the diversified JSW Group, which has presence in Steel, Energy, Infrastructure, Cement and JSW Ventures. JSW Steel is the leading integrated steel company in India with an installed steel-making capacity of 18 MTPA. JSW Steel’s plant at Vijayanagar is one of the largest single location steel producing facilities in the country with a capacity of 12 MTPA. JSW Steel has a strong product assortment covering the entire gamut of flat and long steel products manufactured through technology in the form of Corex and Blast furnaces.