Shares of Jindal Steel & Power (JSPL) hit a more than 10-year high of Rs 610.25 in intraday trade on Wednesday, up 2% on the BSE in an otherwise market wobbled on improving outlook. The stock was trading at its highest level since March 2012. In contrast, the S&P BSE Sensex rose 0.1% to 60,176 at 9:38 am.

Over the past six months, JSPL’s market price has risen 74%, compared with a 10% gain for the benchmark index. JSPL has returned 36% over the past three months, the best performer among major ferrous metals companies. The stock has risen 12% over the past month, compared with a 4% decline in the Sensex.

In terms of pricing, both long and flat products fell sharply in the July-September quarter (Q2FY23). In its second-quarter results for November 10, 2022, JSPL said that while in raw materials, recession fears and lower demand forecasts impacted global commodity prices, the benefits of low raw material prices were not reflected in the reported quarter.

On the financial front, JSPL has prepaid all its long-term overseas debt and refinanced some of its stand-alone debt. JSPL’s consolidated net debt was further reduced to Rs 7,054 crore on the back of these repayments and the release of working capital. Net debt to EBITDA (LTM) at 0.62x as of Q2FY23.