JSW Steel rises as Moody's upgrades its corporate family rating to Ba1 from Ba2
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JSW Steel is currently trading at Rs. 579.00, up by 7.25 points or 1.27% from its previous closing of Rs. 571.75 on the BSE.
The scrip opened at Rs. 571.10 and has touched a high and low of Rs. 579.50 and Rs. 568.00 respectively. So far 78818 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. 588.60 and Rs. 542.60 respectively. The current market cap of the company is Rs. 139473.62 crore.
The promoters holding in the company stood at 45.01%, while Institutions and Non-Institutions held 20.03% and 34.95% respectively.
Moody's Investors Service has upgraded the JSW Steel's Corporate Family Rating (CFR) to Ba1 from Ba2. At the same time, it has changed the ratings outlook on the company to 'stable' from 'positive'. The upgrade reflects the company’s continued strong operating performance and consistently strong credit metrics while maintaining good liquidity. Ba1 rating means obligations are judged to have speculative elements and are subject to substantial credit risk. Moody's has also upgraded to Ba1 from Ba2 JSW's senior unsecured notes rating.
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.
