Home >Markets >Stock Markets >Jindal Steel shares gain 8% as company clocks highest monthly sales

MUMBAI: Shares of Jindal Steel & Power Ltd (JSPL) gained over 8% on Thursday after the company recorded the highest monthly standalone steel sales in May amid revival in demand.

Shares of the company closed at 137.80, while the benchmark index Sensex closed 0.38% lower at 33,980.70.

The shares outperformed the broad market, surging 61.85% in the past one month, compared with a 7.16% rise in the BSE Sensex. The stock traded at its highest level since 6 March.

Out of 640,000 tonne of standalone sales in May, the company exported 401,000 tonnes, it said in a BSE filing after market hours Wednesday.

JSPL recorded consolidated steel sales of 7.97 million tonnes, a growth of 26% from the same period a year ago.

The company reported a better-than-expected consolidated net profit at 306 crore for the quarter ended 31 March, against loss of 219 crore in the year-ago quarter. EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin expanded 500 basis points to 25% from 20.0% in the year ago quarter.

Besides being a steel producer Jindal Steel & Power has presence in power generation and mining.

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