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JSW Steel zooms 11%, company gets back in black

This article was posted on May 7, 2009 and is filed under Stock News

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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