Jindal Steel share climbs over 3% on rise in November output

Jindal Steel & Power (JSPL) share rose over 3% on Monday after the firm reported 15% growth in steel output for November. Jindal Steel stock touched an intraday high of Rs 269.3, gaining up to 3.3% on BSE. The stock has gained 2.6% in last three days.

Jindal Steel & Power stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has risen 90.23% in one year and gained 57.39% since the beginning of this year. In one month, the share has gained 22.37%. Market cap of the firm rose to Rs 26,959 crore on BSE.

The company clocked year-on-year growth of 15% in standalone steel production with 6,14,000 tonne in November 2020 as compared to 533,000 tonne of standalone steel production a year ago during the same period.

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Standalone sales rose to 562,000 tonne in November 2020 as compared to 557,000 tonne in the previous year during the same period.

Export sales contributed to 21% of total sales volumes in November 2020. Company's exports also grew at 10% (Y-o-Y) in November 2020.

Meanwhile, Sensex rose 163 points to 46,262 and Nifty gained 38 points to 13,552 in afternoon session. In early trade, Sensex hit an all-time high of 46,346 and Nifty too logged a record high of 13,579.