In early trade on September 28, shares of JSW Steel saw a nearly 1 percent increase following its acquisition of a stake in NSL Green Steel Recycling.
At 10:58 am, JSW Steel’s stock was trading 0.83 percent higher at Rs 786.15 on the NSE.
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JSW Steel has successfully concluded the acquisition by purchasing the entire 50 percent stake previously held by National Steel Holding (NSHL) in NSL Green Steel Recycling (NSL). As a result of this transaction, JSW Steel’s ownership in NSL has risen from 50 percent to 100 percent, making NSL a wholly-owned subsidiary of the company as of September 27, as disclosed in a BSE filing.
JSW Steel is primarily involved in the manufacturing of a wide range of steel products, including hot-rolled and cold-rolled coils, galvanized products, and various steel derivatives. In its financial results for the April-June quarter, JSW Steel reported a 10.83 percent year-on-year increase in revenue from operations, totaling Rs 42,213 crore. The net profit for the quarter witnessed a significant YoY surge of 189.39 percent, reaching Rs 2,428 crore. Furthermore, the operating profit margins for the quarter expanded by 600 basis points compared to the previous year, reaching 17 percent.
Stock Performance
Over the past six months, JSW Steel’s stock has yielded a return of 18.18 percent. In comparison, the benchmark Nifty50 index has delivered a return of 16.31 percent over the same period.
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