JSW Steel rallied 3.58% to Rs 861.15 after the company announced that its wholly owned subsidiary, JSW Vijayanagar Metallics has commissioned a hot strip mill at its integrated steel plant at Vijayanagar.
The subsidiary commissioned its hot strip mill with a capacity of 5 million tonne per annum (MTPA) and has made its first dispatch, said the firm.The HSM facility has capability of manufacturing plates, coils and is equipped with advanced features such as digital reheating furnaces, evaporative cooling system and waste heat recovery system, attached edger in finishing mills for accurate width control, auto steering control, uniform mechanical properties and production of superior value added grades, the company stated in the press release.
The facility was inaugurated on 17 March 2024 and following successful trial runs, quality and delivery testing, commercial manufacturing and sales have commenced.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
The steel manufacturer reported a consolidated net profit of Rs 2,415 crore in Q3 FY24, steeply higher than Rs 490 crore recorded in Q3 FY23. Revenue from operations grew by 6.87% year on year to Rs 41,337 crore in the quarter ended 31 December 2023.
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