JSW Steel registers decline of 6.45% in its Q1 net profit

JSW Steel registers decline of 6.45% in its Q1 net profitIndia's second largest steelmaker JSW Steel has reported a 6.45 per cent decline in its consolidated net profit at Rs 234.08 crore for the first quarter ended June 30, 2009, over the same period last year.

The company had posted a net profit of Rs 250.23 crore in the same quarter ended June 2008.

Net sales declined to Rs 4,253.52 crore in the latest quarter, against Rs 4,483.79 crore in the same quarter previous fiscal.

In a latest stock recommendation call, Vijay Bhambwani, one of the leading technical analysts, has advised retail investors to buy JSW Steel on declines.

The scrip of JSW Steel today closed on BSE at Rs 603, marginally up compared to its previous close. The counter has made 52-week-high and low of Rs 882 and Rs 161 respectively.