Shares of JSW Steel on Wednesday ended 0.19% higher at Rs290.15 apiece on the BSE. Photo: ReutersMumbai: JSW Steel Ltd., India’s largest producer, saw its profit more than double to a record during the third quarter, helped by buoyant steel prices and rising volumes and boosting prospects for the company looking to expand capacity by snapping up some ailing domestic mills. Net income jumped to Rs1,750 crore ($274 million) in the three months to 31 December, from Rs730 crore a year earlier, the producer said in a statement on Wednesday. Declining steel exports from China have “eased the supply pressure across various global markets, lending a support to price” amid improving demand, Rao said. The acquisitions, coupled with a planned expansion at existing plants, would help the steelmaker inch closer to its aim of reaching a capacity of 40 million metric tons by 2030 from 18 million tons now.

Source: Mint January 31, 2018 11:37 UTC