Shares of JSW Steel are in focus today after the steel manufacturer reported a 7% (QoQ) and 13% (YoY) rise in crude steel production for the quarter ended March 2023. JSW Steel reported its highest ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23 on a yearly basis. The company produced 5.81 MT crude steel from operations in India and the US in the year-ago period.
JSW Steel stock climbed marginally to Rs 694.85 in early trade against the previous close of Rs 688.75 on BSE. The stock has been gaining for two sessions. A total of 5441 shares of the firm changed hands amounting to a turnover of Rs 37.70 crore on BSE. Market cap of the firm rose to Rs 1.67 lakh crore on BSE. The share hit a 52 week high of Rs 789.95 on April 19, 2022 and a 52 week low of Rs 520.10 on May 26, 2022.
In terms of technicals, the relative strength index (RSI) of JSW Steel stands at 53.9, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.1, indicating high volatility in a year. Shares of JSW Steel are trading higher than the 5 day, 20 day and 200 day moving averages but lower than 50 day and 100 day moving averages.
The stock has fallen 9.75% in a year and lost 9.83% in 2023.
For the whole 2022-23 fiscal, the company's crude steel production was at 24.15 MT, up 24 per cent, from 19.51 MT in FY22. The consolidated crude steel production in FY23 was the highest, JSW Steel said.
"While the company achieved 100 per cent of its guidance for consolidated Indian operations, production volumes at JISPL (JSW Ispat Special Products Ltd) and JSW Steel USA - Ohio were impacted due to shutdowns and subdued market conditions for part of the year," it added.
JSW Steel is among India's top six steel making companies and is a part of $22 billion JSW Group.
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