Mumbai: JSW Steel Ltd, India’s third biggest producer, raised production by 60% last month on higher demand from rural areas.
The company produced 456,000 tonnes of steel in April compared with 284,000 tonnes a year earlier, the Mumbai-based steel maker said in a statement on Monday. Output of long products, used mainly in construction, rose 78%, the statement said.
“Signs of a revival in steel demand are strong,” vice-chairman and managing director Sajjan Jindal had said last week. The company is investing Rs11,000 crore to lift capacity by almost half to 10 million tonnes, he said.
The JSW stock rose 3.37% on Monday to end at Rs423.85 on the Bombay Stock Exchange (BSE), whose benchmark index lost 1.63%. The stock has almost doubled this year, against a 23% gain in the BSE Sensex.