JSW Steel acquires remaining 50% stake in NSL Green Steel Recycling; stock rises 1%

Shares of JSW Steel jumped nearly 1 percent in early trade on September 28 post the acquisition of stake in NSL Green Steel Recycling.

At 10:58 am the JSW Steel stock was trading 0.83 percent higher at Rs 786.15 on NSE.

JSW Steel has completed the acquisition by purchasing the entire 50 percent stake held by National Steel Holding (NSHL) in NSL Green Steel Recycling (NSL). Consequent to completion of this acquisition, its shareholding in NSL has increased from 50 percent to 100 percent and NSL has become a wholly owned subsidiary of the company effective September 27 as detailed in the BSE filing.

JSW Steel is engaged in the business of manufacturing a wide range of steel products, including hot-rolled and cold-rolled coils, galvanized products, and various steel derivatives. In its results for the April-June quarter, JSW Steel reported a 10.83 percent YoY (year-on-year) increase in revenue from operations at Rs 42,213 crore. Net profit for the quarter was up 189.39 percent YoY at Rs 2,428 crore. The operating profit margins for the quarter expanded by 600 basis points on a yearly basis to 17 percent.

Stock Performance

JSW Steel stock has given a return of 18.18 percent over the last six months. The benchmark Nifty50 index has given a return of 16.31 percent over the same duration.

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