Output from its Indian operations climbed 16% to 26.15 lakh tonnes, with capacity utilisation at 95%.
The company also commissioned a second converter at its wholly owned subsidiary JVML, taking its domestic crude steel capacity to 34.2 million tonnes per annum.Shares of JSW Steel traded higher at ₹1,104.90 on the NSE, up nearly 3% in afternoon deals.
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The stock was among the top gainers on the Nifty Metal Index, which rose as 14 of 15 constituents advanced, supported by stronger global cues, hopes of a US Fed rate cut, and improving Chinese economic data.
Adding to sentiment, Morgan Stanley upgraded JSW Steel to ‘Overweight’ and raised its price target to ₹1,300, citing expanding spreads and improving domestic demand.
Also Read: Steel Stocks To Buy: Morgan Stanley upgrades JSW Steel, Tata Steel; raises targets on SAIL, JSPL
