JSW Steel, one of India’s leading steel companies, reported a significant drop in its consolidated net profit for the March quarter, causing its stock to decline by 1.6% in the special trading session today. The company’s net profit fell by 64.54% to ₹1,299 crore, primarily due to higher coking coal prices. Additionally, JSW Steel’s consolidated revenue from operations also decreased by 1.5% year-on-year to ₹46,269 crore.
In contrast, ONGC, Power Grid, and Nestle emerged as the best gainers on the Nifty during the second phase of the special session, while JSW Steel, Divi’s Lab, and Axis Bank lagged behind. The Sensex and Nifty opened in the green in the second part of the special trading session, with the benchmark Sensex ending marginally higher at 73,959.63 and the Nifty 50 closing a tad higher at 22,481.90.
Meanwhile, smallcap stocks have been outperforming the market, generating returns of over 50% annually over the last six years, despite being prone to manipulation. On the corporate front, Indian Oil Corporation Ltd signed a second long-term LNG deal with France’s TotalEnergies, while Siemens Gamesa’s India wind business is up for sale at a $1 billion valuation.
Overall, the stock market is showing signs of resilience and volatility, with various stocks like Zydus Lifesciences, Zee, and Hindustan Unilever making significant moves. Investors are closely watching the market trends and expert recommendations to make informed decisions during this special trading session.
