The stock also breached the Rs 2 lakh crore market capitalisation mark in the process. At 11:32 am, the market cap of JSW Steel stood at Rs 2.03 lakh crore. On Thursday, the closing market cap stood at Rs 195,660 crore. It was the top Nifty gainer around this time.
The arm was incorporated on February 27 in Mumbai and is yet to commence its business operations, JSW Steel informed the exchanges. JSW Green Steel Ltd has now become its wholly-owned subsidiary, the company said.
Also Read: Suven Pharmaceuticals shares soar 13% on proposed merger with Cohance Lifesciences
“The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company,” JSW Steel said.
Hot-rolled steel finds applications in sectors like automobile, agriculture etc, while cold-rolled steel is used by industries manufacturing, construction and home appliances, among others.The stock has delivered nearly 23% in the last 12 months which is an underperformance over Nifty which itself has delivered over 28% during this period.The company reported revenue from operations at Rs 41,940 crore for the quarter ended December while the operating EBITDA stood at Rs 7,180 crore. The consolidated net profit for the said quarter stood at Rs 2,450 crore.
The company reported domestic sales jump at 2% year-on-year with OEM & industrial sales clocking a 12% YoY gain. It registered its highest-ever quarterly sales in auto segment which was up 16% YoY. The renewable energy segment was up 31% YoY and along with highest-ever tinplate sales, going up 33% YoY.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)