JSW Steel gains on getting nod from Andhra Pradesh SIPB to set up steel plant in Kadapa
JSW Steel is currently trading at Rs. 756.20, up by 11.60 points or 1.56% from its previous closing of Rs. 744.60 on the BSE.
The scrip opened at Rs. 746.00 and has touched a high and low of Rs. 756.50 and Rs. 746.00 respectively. So far 95550 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 789.95 on 19-Apr-2022 and a 52 week low of Rs. 520.10 on 26-May-2022.
Last one week high and low of the scrip stood at Rs. 756.50 and Rs. 727.15 respectively. The current market cap of the company is Rs. 182077.13 crore.
The promoters holding in the company stood at 45.19%, while Institutions and Non-Institutions held 20.51% and 34.30% respectively.
Andhra Pradesh State Investment Promotion Board (SIPB) has given an approval for JSW Steel's proposal to set up a steel plant in Kadapa at a cost of Rs 8,800 crore. The company will invest Rs 8,800 crore in two phases for setting up the steel plant in Sunnapurallapalli village in Kadapa district.
In the first phase, JSW Steel will invest Rs 3,300 crore in the proposed plant and one million tonnes of steel per annum will be produced in the first year. Later, the plant will be upgraded to two million tonnes per year in the second phase and will eventually reach three million tonne capacity per annum.
JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
