JSW Steel rose 3.96% to Rs 1,033.30 at 11:43 IST on BSE after the company said that Raigad Unit of Heidelberg Cement India was transferred to the company on Friday, 3 January 2014.
The company made the announcement after market hours on Friday, 3 January 2014.
Meanwhile, the BSE Sensex was down 37.64 points, or 0.18%, to 20,813.69.
On BSE, so far 79,000 shares were traded in the counter, compared with an average volume of 1.24 lakh shares in the past one quarter.
The stock hit a high of Rs 1,041.30 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 995 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 3 January 2014, rising 6.57% compared with the Sensex's 0.02% fall. The scrip had also outperformed the market in past one quarter, rising 30.43% as against Sensex's 4.77% rise.
The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.
JSW Steel had entered into a business transfer agreement on 5 October 2013 with Heidelberg Cement India for acquisition of its cement grinding facility at Raigad in Maharashtra, as a going concern on a slump sale basis.
Subsequently, the approval of the Competition Commission of India (CCI) was sought in relation to the proposed acquisition and the CCI consented to the acquisition vide its order dated 12 December 2013.
In terms of the business transfer agreement, the Raigad undertaking was transferred to the company with effect from the end of business hours on 3 January 2014, JSW Steel said in a statement.
JSW Steel reported a consolidated net loss of Rs 115.55 crore in Q2 September 2013 as against net profit of Rs 691.25 crore in Q2 September 2012. Net sales rose 35% to a record Rs 12796.26 crore in Q2 September 2013 over Q2 September 2012.
JSW Steel, belonging to the JSW group, part of the O P Jindal Group, is one of the lowest cost steel producers in the world. The group has diversified interest in mining, carbon steel, power, industrial gases, pon facilities, aluminum, cement and information technology. JSW Steel Limited is engaged in manufacture of flat and long products viz. H R Coils, CR Coils, Galvanised products, Galvalume products, Colour coated products, auto grade / white goods grade CRCA Steel, Bars and Rods. Incorporated in 1994, it has grown to about US $11 billion in little over fifteen years. JSW Steel Limited 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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