JSW Steel shines on planning to levy surcharge on sale of steel products
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JSW Steel is currently trading at Rs. 672.00, up by 4.10 points or 0.61% from its previous closing of Rs. 667.90 on the BSE.
The scrip opened at Rs. 668.10 and has touched a high and low of Rs. 674.45 and Rs. 653.00 respectively. So far 131253 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 776.50 on 06-Aug-2021 and a 52 week low of Rs. 299.75 on 29-Oct-2020.
Last one week high and low of the scrip stood at Rs. 727.00 and Rs. 655.05 respectively. The current market cap of the company is Rs. 162437.21 crore.
The promoters holding in the company stood at 44.09%, while Institutions and Non-Institutions held 20.74% and 35.17% respectively.
JSW Steel is planning to levy a surcharge on the sale of its steel products to its long-term OEM (original equipment manufacturer) customers to offset the rising input cost. The company will be the first company to introduce the concept of surcharge to the domestic steel market.
There is huge pressure on the cost of production. Cost of per tonne steel production went up by 19 percent or Rs 6,600 per tonne quarter-on-quarter in July-September 2021. The concept of surcharge would be new to India but it is not new in the global markets.
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.
