JSW Steel gains on partial relief from Karnataka HC in FDT case

The Karnataka HC has given partial relief to the company in the Forest Development Tax case

Shares of JSw Steel were up over 1% at Rs 1,062 on the Bombay Stock Exchange after the company announced that the Karnataka High Court on December 3 gave the steel maker a partial relief in the Forest Development Tax case.

The judgement by the court was in response to a petition filed by mine owners and the purchasers of iron ore including JSW Steel Limited on the levy of Forest Development Tax (FDT) by the State of Karnataka, the company said in a release.

The release also added that the company is closely monitoring the developments and will inform the exchange  of any material developments affecting the company.

The stock opened at Rs 1,055 and touched a high of Rs 1,069. At 10:20am, over 440,000 shares were traded on both the stock exchanges.