India's Jindal Stainless posts quarterly profit rise on strong domestic demand
The O.P. Jindal Group company's consolidated profit after tax rose to 7.15 billion rupees (about $82 million) for the quarter ended June 30.
Local demand for stainless steel - used in logistics, automotive industry, home appliances and the industrial sector - remained strong in the quarter, supported by strong manufacturing activity and government spending.
Moreover, stainless steel imports in the country softened in the quarter, while exports increased, analysts at Jefferies said, keeping prices up.
Its consolidated revenue rose 8.2% to 102.07 billion rupees.
Shares of the company ended 1.15% higher ahead of the results.
($1 = 87.6430 Indian rupees)
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