India’s Jindal Stainless posts quarterly profit rise on strong domestic demand

India’s Jindal Stainless reported an 11% rise in first-quarter profit on Wednesday, helped by strong local 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.

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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.