Iron ore mine wins, Budget 2020 positive for JSW Steel; stock gains 2.9%

Weak Q3, expansion delay at Dolvi, losses at foreign arms led to price correction

JSW Steel remains in the news, now for good reasons, with the company winning two iron ore mines in Odisha. Besides, the Street’s expects that the government’s continued focus on infrastructure will bode well for steelmakers. 

JSW Steel’s stock, thus, gained 2.9 per cent on Monday after having corrected about 11 per cent since mid-January 2020. And, there could be more gains.

The company’s efforts on securing basic raw materials, such as iron ore for steel-making through fresh bidding of mines in states like Odisha, are a positive, and yielding results. 

JSW had secured some mines in Karnataka earlier but was only able