JSW Steel rises on signing MoU with JFE Steel to establish CRGO electrical steel manufacturing JV in India
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JSW Steel is currently trading at Rs. 709.95, up by 6.45 points or 0.92% from its previous closing of Rs. 703.50 on the BSE.
The scrip opened at Rs. 709.00 and has touched a high and low of Rs. 712.15 and Rs. 702.75 respectively. So far 41855 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 783.35 on 02-Jan-2023 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. 712.15 and Rs. 681.30 respectively. The current market cap of the company is Rs. 171320.50 crore.
The promoters holding in the company stood at 45.40%, while Institutions and Non-Institutions held 36.00% and 18.60% respectively.
JSW Steel and JFE Steel, Japan have signed Memorandum of Understanding (MoU) to conduct a joint feasibility study to establish a Cold Rolled Grain Oriented Electrical Steel (CRGO) manufacturing joint venture in India.
The feasibility study has since been completed and both, JSW Steel and JFE Steel have in?principle reached an agreement to establish a 50:50 Joint Venture Company (JV). The JV shall be able to manufacture the entire range of CRGO products at its proposed facilities at Vijayanagar, Karnataka, India. This JV will be the first company to produce CRGO products with its entire chain of manufacturing processes in India.
Further, the JV will contribute to the rapidly growing Indian demand, with its ‘Made in India’ CRGO products based on JFE Steel’s energy efficient production technology developed through extensive R&D. The finalization of the JV will be subject to execution of definitive agreements and necessary regulatory approvals.
JSW Steel and JFE Steel continue to enhance their alliance since they signed a comprehensive strategic collaboration agreement in 2009, followed by JFE Steel’s equity investment in JSW Steel. JSW Steel and JFE Steel have a technical collaboration with regards to automotive steel through which JSW Steel has developed a wide range of steel for critical auto end use applications. In 2012, JFE Steel entered into an agreement with JSW Steel to provide technology for the production of non?grain oriented electrical steel products, which has enabled JSW to become India’s leading supplier in this field.
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.
