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JSW Steel zooms 5% on commissioning hot strip mill at its Vijayanagar plant

Shares of steel major JSW Steel soared 4.70 per cent at Rs 870.45 a piece on Monday after the company's subsidiary increased steel capacity, integrating a new mill into its fold

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SI Reporter

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Shares of steel major JSW Steel soared 4.70 per cent at Rs 870.45 a piece on Monday after the company’s subsidiary increased steel capacity, integrating a new mill into its fold. Till 10:12 AM, over one lakh 51 thousand stocks of the company changed hands on the BSE.

The stock had hit its 52 week high at Rs 895.60 on 28 December, 2023. Over the last six months the stock has gained 12 per cent while trading 1 per cent down year to date. 

The upward trend in stock prices today came after the company’s wholly owned subsidiary JSW Vijayanagar Metallics commissioned its Hot Strip Mill (HSM) at its integrated steel plant in Vijayanagar with a capacity of 5 million tonne per annum and making its first dispatch, the company said in an exchange filing on Saturday. 
 

“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 said in a statement. 

According to the company’s announcement the HSM facility commenced the commercial manufacturing and sales after running successful trials and quality and delivery testing on March 17, 2024. 

The company's consolidated net profit increased to Rs 2,415 crore for the quarter ending December 31, up from Rs 490 crore recorded in the same period the previous year.

While the consolidated revenue from operations experienced a year-on-year (YoY) growth of 7.2 per cent, reaching Rs 41,940 crore in Q3FY24. In a recent filing the company has announced that it will release its quarter four results for FY24 on 17th May, 2024. 

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First Published: Apr 01 2024 | 10:43 AM IST

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