JSW Steel rose 1.11% to Rs 1,127.65 at 11:37 IST on BSE after the company announced the launch of its Cold Roll Mill 2 facility at Vijayanagar Works, Karnataka.
The company made the announcement during trading hours today, 25 April 2014.
Meanwhile, the BSE Sensex was down 50.80 points, or 0.22%, to 22,825.74.
On BSE, so far 35,000 shares were traded in the counter, compared with an average volume of 1.03 lakh shares in the past one quarter.
The stock hit a high of Rs 1,134.50 and a low of Rs 1,109.20 so far during the day. The stock hit a 52-week low of Rs 451.50 on 19 August 2013.
The stock had outperformed the market over the past one month till 23 April 2014, rising 13.18% compared with the Sensex's 5.15% rise. The scrip had also outperformed the market in past one quarter, rising 12.24% as against Sensex's 7.03% rise.
The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.
JSW Steel said that with India on road to becoming a global hub for automobiles, the demand for High End Steel by the Auto Sector is likely to see an exponential growth.
The new Cold Roll Mill 2 (CRM-2) complex, with a production Capacity of 2.3 million tonnes per annum (MTPA), is the most sophisticated plant by configuration with capability to produce high strength and advanced high strength steel, both in uncoated and coated (galvanized and galvannealed GI and GA) categories and wider width upto 1870 millimetre (mm), the company said in a statement.
The CRM-2 facility includes a Continuous Annealing Line, which is the first to start operations in India.
JFE Steel, which has a 15% stake in JSW Steel has been providing technical assistance to develop various grades of auto steel, including steel for external panels for automobiles, to meet the high demand from both domestic and international arena, the company said.
Dr Vinod Nowal, Deputy Managing Director, JSW Steel said, "The CRM-2 is equipped with the latest technology to produce continuously annealed CR upto a strength level of 980 MPA (UTS) and auto galvanizing line with capability to produce both GI & GA upto a strength level of 590 MPA (UTS). At present, the high strength and higher grades are mostly imported."
JSW Steel said it has commissioned the phase-1 of CRM-2 consisting of 2.3 MTPA Pickling Line Coupled with Tandem Cold Mill (PLTCM), 0.95 MTPA Continuous Annealing Line (CAL-1) and 0.4 MTPA Continuous Galvanising Line (CGL).
The phase-2 of the CRM-2 plant consisting of 0.95 MTPA CAL-2 is targeted to be commissioned during first half of FY16. The new plant will be the cornerstone of JSW Steel's growth story enhancing the share of value added products in the product basket of the company, JSW Steel said.
On a consolidated basis, JSW Steel reported a net profit of Rs 466.49 crore in Q3 December 2013 as against net loss of Rs 73.70 crore in Q3 December 2012. Total income rose 53.29% to Rs 13637.21 crore in Q3 December 2013 over Q3 December 2012.
There was a foreign exchange (forex) loss of Rs 268.45 crore in Q3 December 2012 while the forex loss was nil in Q3 December 2013.
JSW Steel, the flagship company of the JSW Group, is India's leading integrated steel manufacturer with a capacity of 14.3 MTPA. It is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents.
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