JSW Steel shares rise after three sessions; here’s why

Shares of JSW Steel Ltd are in focus today after the steel manufacturer reported a 7 per cent rise in April output to 1.78 million tonne (mt) against 1.68 mt clocked in the same period last year. The stock rose after three days of consecutive fall. JSW Steel stock climbed 0.72% to Rs 729.85 in early trade against the previous close of Rs 724.60 on BSE. A total of 0.16 lakh shares of the firm changed hands amounting to a turnover of Rs 1.15 crore on BSE. Market cap of the firm rose stood at Rs 1.75 lakh crore on BSE.

The share hit a 52 week high of Rs 783.35 on January 2, 2023 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 55.4, signaling it's neither trading in the overbought nor in the oversold territory. The stock has a beta of 1.2, indicating high volatility in a year. Shares of JSW Steel are trading higher than the 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The stock has risen 12.5% in a year and lost 5.45% in 2023.

In April, the cold rolled output climbed 17 per cent to 1.39 mt (1.2 mt) while that of long products was down 9 per cent to 3.21 lakh tonne (3.54 lt). For the quarter ended March 2023 quarter, crude steel output climbed 7% (QoQ) and 13% (YoY) . 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.

For 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. The firm will announce earnings for the quarter and the fiscal ended March 2023 on May 19 this year.

The firm reported a 2.79% rise in sales to Rs 39134 crore in the December 2022 quarter against Rs 3003.90 crore in the December 2021 quarter. Net profit crashed 88.5% to Rs 490 crore in Q3 against Rs 4357 crore in the December 2021 quarter.

JSW Steel is among India's top six steel making companies and is a part of $22 billion JSW Group.

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