New Delhi (Anish Yande): Shares of JSW Steel rose by 3 per cent on Thursday's trading session following a significant rise in crude steel production. JSW Steel shares rose to an intraday high of Rs 719 per share from its previous close of Rs 697 per share. The shares rose to an intraday high of Rs 3724 per share. The shares of the steel manufacturer's market cap of the company rose to Rs 170,716 crore.
JSW Steel reports a significant rise in crude steel production:
JSW Steel has reported a significant rise in crude steel production in May. The steel manufacturer's crude steel production is at 13.67 lakh tonnes in the month. The production of crude steel was recorded at 12.48 lakh tonnes in the corresponding period a year ago, rising by 10 per cent.
The steel manufacturer stated that its production capacity declined last month to 91 per cent on account of production and supply of liquid oxygen for medical purposes.
JSW Steel has produced over 30,000 tonnes of liquid oxygen for medical purposes during the second wave of the Covid-19 pandemic.
JSW Steel files lawsuit against major US steel firms:
The steel manufacturer has also sued leading American steelmakers alleging anti-competitive practices.
JSW Steel has filed a lawsuit in Southern District of Texas, Houston against Nucor Corp. U.S. Steel Corp., and Cleveland-Cliffs Inc. in U.S. District Court. JSW Steel posted a consolidated net profit of Rs 188 crore in Q4 FY20. The steel manufacturer's consolidated net profit rose to Rs 4,191 crore in the January-March quarter of FY21, increasing by 1,700% in its net profit on a year-on-year basis.
The revenue from operations of JSW Steel rose to Rs 26,934 crore in the March quarter of 2021. The revenue rose from Rs 17,887 crore in the corresponding period of the previous year. Revenue from operations increased by 50 per cent on a year-on-year basis.
The total income of JSW Steel increased to Rs 27,095 crore in January-March 2021 quarter as compared with Rs 18,009 crore recorded in the corresponding quarter of the FY20. Total steel sales in the quarter under review increased to 4.06 million tonnes, at an increase of 11 per cent Y-o-Y for the quarter under review.
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