JSPL share price rose over 8% on Thursday after the steel maker reported 28% rise in steel sales figures for May.
The company informed exchanges that it has recorded highest ever standalone steel sales, almost 28% rise to 640,000 tonnes in May 2020, as compared to sales of 500,000 tonnes during the same period in the previous year. The rise in monthly steel sales volumes was due to revival of domestic demand, the filing said.
"Out of 6,40,000 tonnes, 4,01,000 tonnes are export sales," it added.
Following the announcement, JSPL share price touched an intraday high of Rs 137.8, rising 8.04% on BSE. Jindal Steel share price is trading higher than its 5, 20, 50, 100 and 200-day moving averages.
JSPL stock has gained after 2 days of consecutive fall and outperformed metals sector by 5.63% in today's session.
Market capitalisation of the stock stood at Rs 13,872.22 crore. The stock has risen 14% in one week and 59% in one month.
Company's consolidated sales in May rose 26% to 7.96 lakh tonnes as compared with 6.31 lakh tonnes in the corresponding month of 2019, Jindal Steel & Power Ltd (JSPL) said in a BSE filing.