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.