Shaktikanta Das thanks PM Modi, FM Sitharaman as his RBI tenure ends

Shares of steel companies are trading higher by up to 5 per cent on the BSE in Tuesday's intra-day trade in an otherwise range bound market after steel imports in November' decreased by 28 per cent mo

Meanwhile, JSW Steel reported a steady volume print for November 2024. The company's Indian operations reported crude steel production of 2.25 million tonne (up 7 per cent year-on-year (YoY)) with total group combined volumes standing at 2.3 million tonnes (up 5 per cent YoY). Capacity utilisation for Indian operation was at 94 per cent.

 

With robust demand in domestic markets, higher volumes from new capacities, and reduced coking coal costs, earnings before interest, tax, depreciation and amortisation (Ebitda) per tonne is expected to improve for JSW Steel in the coming quarters. With a strategic capacity expansion in place, favourable domestic steel demand and improvement in profitability, JSW Steel is positioned to achieve record performance going forward, according to analysts at ICICI Securities. The brokerage firm has a ‘Buy’ rating on the stock, with a target price of Rs 1,130 per share.