JSW Steel Stock Gains Ahead Of Quarterly Results

There is strong movement seen in the metal stocks after Tata Steel posted its Q4FY17. The company’s Q4 results were sharply higher than estimates, driven by Europe (better realisations and lag in flow-through of coking coal costs) and improvement in ferroalloy volumes and realisations.

The strong cash flows of the company supported the approximately Rs 43 bn reductions in net debt for the fourth quarter ended March 31, 2017. This trend is likely to continue, led by healthy operating cash flow and subdued CapEx.

After posting good quarterly results by Tata Steel, another stock in the metal space, JSW Steel is in demand by the investors. The JSW Steel is going to announce its financial results for the quarter ended March 31, 2017, on Wednesday.

The JSW Steel Limited stock has attracted huge volumes of 53,43,535 shares and traded value of Rs 110.41 Cr as of 1026 hours on Wednesday. The stock has touched the fresh 52-week high of Rs 208.45 per share up by Rs 6.8 per share or 3.3%. The stock is the second top gainer in the Metal space after Tata Steel.

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About Suhani Varma

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