Jindal Stainless hits 9-year high on Q4 results
The company reported better than expected earnings in the fourth quarter.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Jindal Stainless hit a nine-year high on Monday after the company reported better-than-expected fourth quarter earnings on Friday.
The scrip rose 6.1 per cent in trade on BSE to hit a high of Rs 83.45, its highest since January 18, 2008.
However, the stock lost some ground as the session progressed. It eventually closed the day at Rs 79.95, up 1.65 per cent.
The steelmaker reported a net profit of Rs 161 crore ($25.14 million) for March quarter, compared with a loss of Rs 171 crore reported for the year-ago quarter.
A total of 10 lakh shares changed hands on the counter in the first 45 minutes of trade on BSE on Monday, which was double the 30-day average trading volume of the stock.
The scrip rose 6.1 per cent in trade on BSE to hit a high of Rs 83.45, its highest since January 18, 2008.
However, the stock lost some ground as the session progressed. It eventually closed the day at Rs 79.95, up 1.65 per cent.
The steelmaker reported a net profit of Rs 161 crore ($25.14 million) for March quarter, compared with a loss of Rs 171 crore reported for the year-ago quarter.
A total of 10 lakh shares changed hands on the counter in the first 45 minutes of trade on BSE on Monday, which was double the 30-day average trading volume of the stock.
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