JSW Steel inches up as its arm to get $1 million financial assistance from ORDC
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JSW Steel is currently trading at Rs. 757.05, up by 0.30 points or 0.04% from its previous closing of Rs. 756.75 on the BSE.
The scrip opened at Rs. 757.20 and has touched a high and low of Rs. 763.25 and Rs. 752.55 respectively. So far 12503 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 840.00 on 12-Sep-2023 and a 52 week low of Rs. 649.75 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 763.25 and Rs. 745.05 respectively. The current market cap of the company is Rs. 185328.73 crore.
The promoters holding in the company stood at 44.80%, while Institutions and Non-Institutions held 36.15% and 19.05% respectively.
US-based Ohio Rail Development Commission (ORDC) has approved $1 million in financial assistance to JSW Steel USA for its two on-site rail projects at Mingo Junction facility. JSW Steel USA is a subsidiary of homegrown steel player JSW Steel.
The rail projects are in support of a recently announced $145 million expansion at the facility which will allow JSW to better serve the renewable energy and infrastructure sectors. The two rail projects combined are estimated at $5.1 million and will increase JSW's finished product and scrap processing capacity. The first rail project is an expansion of the Norfolk Southern/Wheeling & Lake Erie shared yard and is designed to expand capacity from 184 car spots to 351. The second project is the expansion of JSW's rail infrastructure for scrap and iron storage and handling yard on the south side of JSW's Mingo Junction property.
