JSW Steel plunged 7.89% to Rs 289.55 at 10:41 IST on BSE on reports the company may cut product prices by end-October 2008 in line with a fall in metal prices globally.
The stock hit a high of Rs 302 and low of Rs 285 so far during the day. The stock hit a 52-week high of Rs 1389.70 on 13 December 2007 and 52-week low of Rs 244 on 10 October 2008
The company’s current equity is Rs 187.05 crore. Face value per share is Rs 10.
The current price of Rs 289.55 discounts the company's Q1 June 2008 annualized EPS of Rs 46.91, by a PE multiple of 6.17.
Global steel prices have corrected around 40% from a record high Concerns of a fall in demand amid fears of a global recession. The global financial sector crises has raised fears of a global recession. It may be recalled that JSW Steel had cut flat product prices by Rs 2,000 a tonne in September 2008.
On 10 October 2008 JSW Steel reported 14% growth in net crude steel production to 10.01 lakh tonne in Q2 September 2008 over Q2 September 2007.
In May 2008, JSW Steel entered into joint venture with Toshiba Corp for manufacturing and marketing steam turbines and generators in India.
JSW Steel’s net profit declined 53.2% to Rs 219.35 crore on a 53.9% increase in net sales to Rs 3671.49 crore in Q1 June 2008 over Q1 June 2007.
JSW Steel is part of the O P Jindal Group with interests in mining, carbon steel, power and oxygen.
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