JSW Steel gains on rolling out zinc-magnesium-aluminium alloy coated steel
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JSW Steel is currently trading at Rs. 887.65, up by 4.20 points or 0.48% from its previous closing of Rs. 883.45 on the BSE.
The scrip opened at Rs. 890.75 and has touched a high and low of Rs. 895.40 and Rs. 886.70 respectively. So far 23789 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 929.80 on 22-May-2024 and a 52 week low of Rs. 691.50 on 01-Jun-2023.
Last one week high and low of the scrip stood at Rs. 919.00 and Rs. 873.60 respectively. The current market cap of the company is Rs. 216043.63 crore.
The promoters holding in the company stood at 44.81%, while Institutions and Non-Institutions held 36.39% and 18.81% respectively.
JSW Steel has rolled out zinc-magnesium-aluminium alloy coated steel and aimed to capture 50 per cent market share in the segment within one year's time. JSW Steel has invested around Rs 500 crore in setting up the coated capacity of 0.9 million tonnes per annum at Karnataka and Maharashtra facilities where JSW Magsure will be manufactured. JSW Steel targets a 50 per cent market share in this coated segment within one year of Magsure's launch in India. It is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
Indian market for zinc-magnesium-aluminium alloy coated steel has grown more than sixfold from about 15,000 metric tonnes to 120,000 in FY24. So far the entire market requirement was serviced by imports.
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.
