 "This BSE smallcap stock has zoomed 88% in 4 days; up 179% in 3 months")
Shares of JSW Holdings hit a new high of Rs 18,600, as they rallied 10 per cent on the BSE in Tuesdays’ intra-day trade, extending its previous day’s 10 per cent gain. In the past four days, the stock price of this smallcap firm has zoomed 88 per cent from a level of Rs 9,905 touched on Wednesday, November 6, 2024. In the last three months, the stock has surged 179 per cent.
On clarification related to an increase in trading volume, JSW Holdings said the shares of the company are freely tradeable and the trading volume is purely market driven. As such the company is not in a position to comment on the same.
The company has made all the necessary disclosures and that no material information/event, which would have a bearing on the trading volumes has been withheld or is pending to be disclosed, JSW Holdings said.
At 09:59 am; JSW Holdings stock erased its entire intra-day rally and was trading 5 per cent lower at Rs 16,064 on the BSE. It was down 6 per cent at the low of Rs 15,982 in intra-day deals, falling 14 per cent from day’s high. In comparison, the BSE Sensex was up 0.17 per cent at 79,633.
JSW Holdings, a part of O. P. Jindal Group company is primarily engaged in the business of investing and financing. In terms of “Master Direction – Core Investment Companies (Reserve Bank) Directions, 2016“, the company is eligible to carry on business permitted to “Core Investment Company“ (CIC) without seeking registration from Reserve Bank of India (RBI).
The company, being a CIC, holds significant investments in equity shares of JSW Steel, besides certain other investments in other Group Companies, as a result of which it remains less affected by the overall environment in the non banking finance company (NBFC) Sector. The company recognizes that there is a significant potential for increase in steel demand in India. JSW Steel, one of the major investments of your company and has domestic as well as overseas operations to reap benefits in the long term.
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All these factors point towards a high growth potential for Indian steel industry within India and a bright prospect for Indian Steel Manufacturers. As a result of which, the company is looking forward for a sustainable growth in its investee companies in the coming years which would enhance the shareholders value. The company expects to enhance its entrenched value for the benefit of the shareholders at large, JSW Holdings said in its FY24 annual report.
As of September 30, 2024, JSW Holdings holds 7.42 per cent equity shares of JSW Steel, the market value of which stands close to Rs 18,000 crore. The company also holds other strategic investment in Group Companies.
Meanwhile, the market regulator the Securities and Exchange Board of India (Sebi) had in June issued the new framework along with specified conditions for holding companies to be eligible for the special window.
Meanwhile, shares of Nalwa Sons Investments also hit a record high of Rs 8,750, zooming 18 per cent on the BSE in intra-day trades. In the past four days, the stock has rallied 43 per cent from level of Rs 6,125 on November 6. In the last three months, the market price of the company more than doubled or was up 102 per cent from Rs 4,331.40.
Nalwa Sons is a registered NBFC engaged in the business of loans and advances, acquisition of shares and debenture of majorly in the OP Jindal Group.
The company holds significant investments in equity shares of OP Jindal Group of companies, therefore the business prospects of the company largely depends on the business prospects of OP Jindal Group of companies and the steel industry.
The company said it will focus on making long term strategic investments in various new ventures promoted by OP Jindal group, besides consolidating the existing investments through further investments in the existing companies.