JSW Steel zooms 11%, company gets back in black
JSW Steel has rallied on news that the company today reported turnaround in net profit as against a loss of Rs 49 crore reported in the quarter ended December, 2008. The stock has zoomed over 11% to Rs 424 on volumes of around 2.13 million shares so far on the BSE. Earlier in the day, the stock opened at Rs 384, and touched a low of Rs 373.
According to a release issued by the company to the BSE, on year-on-year comparisions – the net profit has slumped 87% to Rs 49.20 crore for the quarter ended March 31, 2009 from Rs 370.18 crore in the corresponding quarter a year ago.
The total income also declined 7% to Rs 3328.80 crore for Q4FY09 as against Rs 3568.20 crore in Q4FY08.
source: Business-Standard
Tags: Indian Stocks, jsw steel, jsw steel results, nse market, share market
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