JSWSTEEL
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India's top court approves JSW Steel's takeover of Bhushan Power and Steel
Sept 26 (Reuters) - India's Supreme Court approved on Friday a $2.3-billion takeover by steelmaker JSW Steel JSTL.NS of Bhushan Power and Steel.
(Reporting by Arpan Chaturvedi and Chandini Monnappa; Editing by Clarence Fernandez)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
Sept 26 (Reuters) - India's Supreme Court approved on Friday a $2.3-billion takeover by steelmaker JSW Steel JSTL.NS of Bhushan Power and Steel.
(Reporting by Arpan Chaturvedi and Chandini Monnappa; Editing by Clarence Fernandez)
(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))
JSW Steel Reports 2.7 Million Tonnes Crude Steel Production In August
EXCLUSIVE-India steelmakers seek near-sevenfold rise in met coke import quota amid supply crunch
By Neha Arora
NEW DELHI, Aug 27 (Reuters) - Indian steel producers have called on the government to sharply raise import quotas for low-ash metallurgical coke, seeking a near sevenfold increase to address what they say is a critical supply crunch, according to sources and a government document.
India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July.
New Delhi also set country-specific import quotas and capped purchases at 1.4 million metric tons from July 1 to December 31.
Steelmakers have urged Prime Minister Narendra Modi's administration to raise the import quota to 9.3 million metric tons, with the largest share of additional shipments sought from Indonesia, followed by Japan and Poland, said the sources aware of the matter.
The steelmakers' requests were recorded in a government document prepared by senior officials, which was reviewed by Reuters.
Steel firms have requested 2.6 million metric tons of imports from Indonesia, far exceeding the government's current allocation of 66,364 metric tons, according to the document.
Rapid capacity expansion by steel companies has strained met coke availability, and the abrupt policy curbs have dealt a blow to major producers, one of the sources said, speaking on condition of anonymity as deliberations were not public.
Many steel company executives have told the government that domestic met coke output is insufficient to meet demand, said the sources.
The federal Ministry of Commerce and Industry did not respond to a Reuters email seeking comments.
Major steelmakers such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have expressed concerns over import curbs, arguing the restrictions disrupt their expansion efforts due to the difficulty in sourcing preferred grades locally.
JSW, India's largest steelmaker by capacity, met federal trade ministry officials late last month to request a higher allocation of met coke, Reuters reported earlier.
Imports of low-ash met coke have more than doubled over the past four years, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.
Earlier this year, Piyush Goyal, India's trade minister, urged steelmakers to source met coke locally.
The federal Ministry of Steel has also supported the import restrictions, saying local supplies of met coke are sufficient to meet demand, Reuters reported earlier.
(Reporting by Neha Arora
Editing by Mayank Bhardwaj and Peter Graff)
(([email protected];))
By Neha Arora
NEW DELHI, Aug 27 (Reuters) - Indian steel producers have called on the government to sharply raise import quotas for low-ash metallurgical coke, seeking a near sevenfold increase to address what they say is a critical supply crunch, according to sources and a government document.
India, the world's second-largest crude steel producer, in June extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting in July.
New Delhi also set country-specific import quotas and capped purchases at 1.4 million metric tons from July 1 to December 31.
Steelmakers have urged Prime Minister Narendra Modi's administration to raise the import quota to 9.3 million metric tons, with the largest share of additional shipments sought from Indonesia, followed by Japan and Poland, said the sources aware of the matter.
The steelmakers' requests were recorded in a government document prepared by senior officials, which was reviewed by Reuters.
Steel firms have requested 2.6 million metric tons of imports from Indonesia, far exceeding the government's current allocation of 66,364 metric tons, according to the document.
Rapid capacity expansion by steel companies has strained met coke availability, and the abrupt policy curbs have dealt a blow to major producers, one of the sources said, speaking on condition of anonymity as deliberations were not public.
Many steel company executives have told the government that domestic met coke output is insufficient to meet demand, said the sources.
The federal Ministry of Commerce and Industry did not respond to a Reuters email seeking comments.
Major steelmakers such as JSW Steel JSTL.NS and ArcelorMittal Nippon Steel India have expressed concerns over import curbs, arguing the restrictions disrupt their expansion efforts due to the difficulty in sourcing preferred grades locally.
JSW, India's largest steelmaker by capacity, met federal trade ministry officials late last month to request a higher allocation of met coke, Reuters reported earlier.
Imports of low-ash met coke have more than doubled over the past four years, with major suppliers including China, Japan, Indonesia, Poland, and Switzerland.
Earlier this year, Piyush Goyal, India's trade minister, urged steelmakers to source met coke locally.
The federal Ministry of Steel has also supported the import restrictions, saying local supplies of met coke are sufficient to meet demand, Reuters reported earlier.
(Reporting by Neha Arora
Editing by Mayank Bhardwaj and Peter Graff)
(([email protected];))
JSW Steel Says Unit Declared As Successful Bidder For A Coal Block, Rajgamar Dipside In Chattisgarh
Aug 21 (Reuters) - JSW Steel Ltd JSTL.NS:
UNIT DECLARED AS SUCCESSFUL BIDDER FOR A COAL BLOCK, RAJGAMAR DIPSIDE IN CHATTISGARH
Source text: ID:nBSEPgVwN
Further company coverage: JSTL.NS
(([email protected];;))
Aug 21 (Reuters) - JSW Steel Ltd JSTL.NS:
UNIT DECLARED AS SUCCESSFUL BIDDER FOR A COAL BLOCK, RAJGAMAR DIPSIDE IN CHATTISGARH
Source text: ID:nBSEPgVwN
Further company coverage: JSTL.NS
(([email protected];;))
JSW Steel, POSCO to explore setting up a steel plant in India
Aug 18 (Reuters) - JSW Steel JSTL.NS and South Korea's POSCO 005490.KS have entered a deal to explore setting up an integrated steel plant in India, the country's largest steelmaker by market capitalisation said on Monday.
(Reporting by Manvi Pant; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
Aug 18 (Reuters) - JSW Steel JSTL.NS and South Korea's POSCO 005490.KS have entered a deal to explore setting up an integrated steel plant in India, the country's largest steelmaker by market capitalisation said on Monday.
(Reporting by Manvi Pant; Editing by Mrigank Dhaniwala)
(([email protected]; +918447554364;))
BHP leads global steelmakers group to study Asian carbon capture hubs
Aug 11 (Reuters) - BHP BHP.AX, the world's largest miner, is leading a global consortium of steelmakers to explore carbon capture, utilisation and storage (CCUS) opportunities across Asia, project manager Hatch said on Monday.
The group, comprising ArcelorMittal Nippon Steel India, JSW Steel JSTL.NS, Hyundai Steel 004020.KS, Chevron Corp CVX.N and Mitsui & Co 8031.T, will assess the deployment of CCUS in "hard-to-abate" sectors, such as steelmaking.
The one-year pre-feasibility study will focus on the potential to develop large-scale projects in Asia, which could repurpose or store captured carbon dioxide.
While carbon capture technologies are relatively mature, they face cost and regulatory hurdles in many Asian markets.
The consortium will evaluate how shared infra can cut costs, aggregate sufficient volumes of carbon dioxide for storage or reuse and distribute risks across companies.
"By leveraging shared knowledge and resources with our partners, we are investing in support for innovative solutions, like the potential of CCUS, that we see as an essential part of decarbonising hard-to-abate sectors such as steelmaking," said Ben Ellis, BHP's vice president of marketing sustainability.
The study is expected to conclude at the end of 2026, with findings to be made public.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sumana Nandy)
(([email protected];))
Aug 11 (Reuters) - BHP BHP.AX, the world's largest miner, is leading a global consortium of steelmakers to explore carbon capture, utilisation and storage (CCUS) opportunities across Asia, project manager Hatch said on Monday.
The group, comprising ArcelorMittal Nippon Steel India, JSW Steel JSTL.NS, Hyundai Steel 004020.KS, Chevron Corp CVX.N and Mitsui & Co 8031.T, will assess the deployment of CCUS in "hard-to-abate" sectors, such as steelmaking.
The one-year pre-feasibility study will focus on the potential to develop large-scale projects in Asia, which could repurpose or store captured carbon dioxide.
While carbon capture technologies are relatively mature, they face cost and regulatory hurdles in many Asian markets.
The consortium will evaluate how shared infra can cut costs, aggregate sufficient volumes of carbon dioxide for storage or reuse and distribute risks across companies.
"By leveraging shared knowledge and resources with our partners, we are investing in support for innovative solutions, like the potential of CCUS, that we see as an essential part of decarbonising hard-to-abate sectors such as steelmaking," said Ben Ellis, BHP's vice president of marketing sustainability.
The study is expected to conclude at the end of 2026, with findings to be made public.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sumana Nandy)
(([email protected];))
Hatch Says Consortium Undertaking Pre-Feasibility Study For Developing CCUS Hubs Across Asia
Aug 11 (Reuters) - Hatch:
CONSORTIUM UNDERTAKING PRE-FEASIBILITY STUDY TO ASSESS DEVELOPMENT OF CARBON CAPTURE, UTILISATION & STORAGE HUBS ACROSS ASIA
CONSORTIUM OF ARCELORMITTAL NIPPON STEEL INDIA, JSW STEEL, HYUNDAI STEEL, BHP, OTHERS
CONSORTIUM STUDY WILL SEEK POTENTIAL APPLICATIONS FOR CAPTURED CO2 IN INDUSTRIAL PROCESSES IN ASIA, OTHERS
(([email protected];))
Aug 11 (Reuters) - Hatch:
CONSORTIUM UNDERTAKING PRE-FEASIBILITY STUDY TO ASSESS DEVELOPMENT OF CARBON CAPTURE, UTILISATION & STORAGE HUBS ACROSS ASIA
CONSORTIUM OF ARCELORMITTAL NIPPON STEEL INDIA, JSW STEEL, HYUNDAI STEEL, BHP, OTHERS
CONSORTIUM STUDY WILL SEEK POTENTIAL APPLICATIONS FOR CAPTURED CO2 IN INDUSTRIAL PROCESSES IN ASIA, OTHERS
(([email protected];))
India's JSW seeks bigger share of met coke quotas to meet shortfall, sources say
By Neha Arora
NEW DELHI, Aug 7 (Reuters) - India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said.
India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons.
JSW Steel, India's biggest steelmaker by capacity, met officials from the federal trade ministry late last month, the sources said, declining to be identified because deliberations are not public.
JSW Steel executives urged government officials to increase the company's allocation, citing operational difficulties at two of their units in the southern state of Karnataka and the central state of Chhattisgarh, the sources added, without saying how much extra the company wanted to import.
"Naturally, this quota is hampering operations and we have given representation. The matter is still under discussion," one of the sources said.
JSW Steel had the option of moving some of its surplus from other locations to the affected plants but the logistics cost was an impediment and not enough was being produced to meet the shortfalls, the source added.
The federal trade ministry did not respond to an email seeking comment. JSW Steel had no comment.
The import curbs have worried major steel producers in the past as well, including JSW Steel and ArcelorMittal Nippon Steel India, which have argued the curbs hinder the companies' expansion plans because it is difficult to source preferred grades locally.
India has also launched an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.
Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.
Earlier this year, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.
The federal Ministry of Steel has also backed the import curbs, saying there was adequate supply of met coke locally to meet demand, Reuters has reported.
(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)
(([email protected];))
By Neha Arora
NEW DELHI, Aug 7 (Reuters) - India's JSW Steel has urged the government to raise the company's allocation in quotas to import low-ash metallurgical coke, a steelmaking fuel, to tide over shortfalls, two sources familiar with the matter said.
India, the world's second-biggest crude steel producer, in June extended country-specific import quotas of so-called met coke for six months to the end of December, capping purchases at 1.4 million metric tons.
JSW Steel, India's biggest steelmaker by capacity, met officials from the federal trade ministry late last month, the sources said, declining to be identified because deliberations are not public.
JSW Steel executives urged government officials to increase the company's allocation, citing operational difficulties at two of their units in the southern state of Karnataka and the central state of Chhattisgarh, the sources added, without saying how much extra the company wanted to import.
"Naturally, this quota is hampering operations and we have given representation. The matter is still under discussion," one of the sources said.
JSW Steel had the option of moving some of its surplus from other locations to the affected plants but the logistics cost was an impediment and not enough was being produced to meet the shortfalls, the source added.
The federal trade ministry did not respond to an email seeking comment. JSW Steel had no comment.
The import curbs have worried major steel producers in the past as well, including JSW Steel and ArcelorMittal Nippon Steel India, which have argued the curbs hinder the companies' expansion plans because it is difficult to source preferred grades locally.
India has also launched an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.
Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.
Earlier this year, Commerce Minister Piyush Goyal urged steelmakers to source met coke locally.
The federal Ministry of Steel has also backed the import curbs, saying there was adequate supply of met coke locally to meet demand, Reuters has reported.
(Reporting by Neha Arora. Editing by Mayank Bhardwaj and Mark Potter)
(([email protected];))
Japan's JFE Holdings first-quarter profit down 74%, misses forecasts
Adds details in paragraphs 3 and 5-8
TOKYO, Aug 4 (Reuters) - JFE Holdings 5411.T, parent of Japan's second-biggest steel maker, posted 7.1 billion yen ($48 million) in net profit on Monday for the three months ended on June 30, down 74% from a year earlier and missing analysts' forecasts.
An LSEG poll of analysts had expected JFE Holdings to report 16.1 billion yen in quarterly net profit. The company recorded 27.5 billion yen in profit in the same period of last year.
It said its crude steel production for the period was 5.28 million metric tons, down from 5.48 million tons a year ago, while it also faced weaker export profitability and was hit by foreign exchange fluctuations.
JFE Holdings kept its profit forecast for the year ending next March unchanged at 75 billion yen.
In a separate statement on Monday, JFE said that, together with India's JSW Steel JSTL.NS, it will invest 120 billion yen to expand production capacity at two plants in India.
The investment will increase output of cold rolled grain-oriented electrical steel - a specialised product used in transformers, generators and motors - to 350,000 tons per year.
One of the plants is set to start full production in 2027, and the other has current capacity of 50,000 tons annually.
The expansion aims to help satisfy rising demand from new power infrastructure, the growth of renewable energy use and an increase in the number of data centres in India, JFE said.
($1 = 147.8000 yen)
(Reporting by Katya Golubkova; Editing by Kim Coghill and Joe Bavier)
(([email protected];))
Adds details in paragraphs 3 and 5-8
TOKYO, Aug 4 (Reuters) - JFE Holdings 5411.T, parent of Japan's second-biggest steel maker, posted 7.1 billion yen ($48 million) in net profit on Monday for the three months ended on June 30, down 74% from a year earlier and missing analysts' forecasts.
An LSEG poll of analysts had expected JFE Holdings to report 16.1 billion yen in quarterly net profit. The company recorded 27.5 billion yen in profit in the same period of last year.
It said its crude steel production for the period was 5.28 million metric tons, down from 5.48 million tons a year ago, while it also faced weaker export profitability and was hit by foreign exchange fluctuations.
JFE Holdings kept its profit forecast for the year ending next March unchanged at 75 billion yen.
In a separate statement on Monday, JFE said that, together with India's JSW Steel JSTL.NS, it will invest 120 billion yen to expand production capacity at two plants in India.
The investment will increase output of cold rolled grain-oriented electrical steel - a specialised product used in transformers, generators and motors - to 350,000 tons per year.
One of the plants is set to start full production in 2027, and the other has current capacity of 50,000 tons annually.
The expansion aims to help satisfy rising demand from new power infrastructure, the growth of renewable energy use and an increase in the number of data centres in India, JFE said.
($1 = 147.8000 yen)
(Reporting by Katya Golubkova; Editing by Kim Coghill and Joe Bavier)
(([email protected];))
Australia's BlueScope leads global steel giants in push for Gupta’s Whyalla plant
Updates with details and background throughout
Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.
The group — comprising Japan’s Nippon Steel 5401.T, India’s JSW Steel JSTL.NS, and South Korea’s POSCO 005490.KS — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.
The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.
Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.
Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy.
Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment.
($1 = 1.5466 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)
(([email protected];))
Updates with details and background throughout
Aug 4 (Reuters) - Australia's BlueScope Steel BSL.AX said on Monday it has assembled a heavyweight consortium of global steelmakers to bid for Sanjeev Gupta's troubled Whyalla Steelworks, over a month after the local government formally opened a sale process.
The group — comprising Japan’s Nippon Steel 5401.T, India’s JSW Steel JSTL.NS, and South Korea’s POSCO 005490.KS — brings a combined market value of A$115 billion ($74.4 billion), and is eyeing the South Australian plant as a future hub for low-emissions iron production for domestic and export markets.
The consortium has lodged a non-binding expression of interest but has yet to submit a formal bid.
Whyalla Steelworks was placed in administration in February, after its operating company collapsed under tens of millions in debt. The Australian and South Australian governments stepped in with a joint A$1.9 billion rescue package to safeguard local jobs and preserve a key piece of industrial infrastructure.
Australia formally opened the sale process in June, citing strong global interest from companies seeking a foothold in the emerging green steel economy.
Gupta's family conglomerate, GFG Alliance, was not immediately reachable for a Reuters request for comment.
($1 = 1.5466 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Sandra Maler)
(([email protected];))
India's top court to revisit order scrapping JSW Steel's $2.3 billion Bhushan Power deal
Supreme Court in May quashed JSW Steel's deal for Bushan Power
Judges say ruling did not correctly consider past precedents
Court will now reconsider the case
Updates with details of the court order and background from paragraph 2 onwards
By Arpan Chaturvedi
July 31 (Reuters) - India's top court said on Thursday it would reconsider its order that quashed Indian steelmaker JSW Steel's JSTL.NS $2.3 billion takeover of Bhushan Power and Steel, saying the order did not correctly consider past precedents.
In May, the Supreme Court rejected JSW Steel's deal for Bhushan Power and Steel six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016.
JSW Steel subsequently asked the top court to review its ruling.
On Thursday, judges heard the review plea and said the verdict quashing the deal did not correctly consider the legal position established by past precedents.
"We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh," the top court added.
In May, while quashing the deal, the Supreme Court had said there was an "entire spectrum of lacunas and flaws" in the takeover process and decided to scrap one of the most successful insolvency deals in India's history.
The top court ordered the liquidation of Bhushan Power and asked banks to return funds which they had recovered during JSW's takeover.
However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict.
The Supreme Court will hear the case next on August 7.
(Reporting by Arpan Chaturvedi in New Delhi. Writing by Abinaya Vijayaraghavan. Editing by Janane Venkatraman and Mark Potter)
(([email protected];))
Supreme Court in May quashed JSW Steel's deal for Bushan Power
Judges say ruling did not correctly consider past precedents
Court will now reconsider the case
Updates with details of the court order and background from paragraph 2 onwards
By Arpan Chaturvedi
July 31 (Reuters) - India's top court said on Thursday it would reconsider its order that quashed Indian steelmaker JSW Steel's JSTL.NS $2.3 billion takeover of Bhushan Power and Steel, saying the order did not correctly consider past precedents.
In May, the Supreme Court rejected JSW Steel's deal for Bhushan Power and Steel six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016.
JSW Steel subsequently asked the top court to review its ruling.
On Thursday, judges heard the review plea and said the verdict quashing the deal did not correctly consider the legal position established by past precedents.
"We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh," the top court added.
In May, while quashing the deal, the Supreme Court had said there was an "entire spectrum of lacunas and flaws" in the takeover process and decided to scrap one of the most successful insolvency deals in India's history.
The top court ordered the liquidation of Bhushan Power and asked banks to return funds which they had recovered during JSW's takeover.
However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict.
The Supreme Court will hear the case next on August 7.
(Reporting by Arpan Chaturvedi in New Delhi. Writing by Abinaya Vijayaraghavan. Editing by Janane Venkatraman and Mark Potter)
(([email protected];))
India's SAIL posts rise in first-quarter profit on lower costs, strong domestic demand
July 25 (Reuters) - Steel Authority of India SAIL.NS reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand.
The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees ($111.90 million) during the quarter ended June 30.
The company recorded a one-time cost of 3.12 billion rupees a year ago.
Its revenue from operations rose 8% to 259.22 billion rupees.
KEY CONTEXT
Last week, JSW Steel JSTL.NS, India's top steelmaker by market capitalisation, beat profit estimates on the back of higher prices and easing input costs.
India had imposed a 12% temporary tariff on some steel imports in April to help domestic mills, which have been under pressure from low-cost shipments from China. That moderated finished steel imports into the country and prompted domestic steelmakers to bridge the supply gap, boosting the metal's prices.
Costs of iron ore and coking coal — key steelmaking raw materials — dropped in the quarter, analysts said, helping the bottom line of the mills.
PEER COMPARISON
Valuation (next 12 months) | Estimates (next 12 months) | Analysts' sentiment | ||||||||
RIC | PE | EV/EBITDA | Revenue growth (%) | Profit growth (%) | Mean rating* | No. of analysts | Stock to price target** | Div yield (%) | ||
Steel Authority of India | SAIL.NS | 14.45 | 7.05 | 5.58 | 27.36 | Hold | 9 | 1.14 | 1.48 | |
JSW Steel | JSTL.NS | 17.88 | 9.15 | 12.88 | 98.61 | Hold | 31 | 0.98 | 0.27 | |
Tata Steel | TISC.NS | 14.80 | 7.67 | 6.99 | 101.70 | Buy | 30 | 1.00 | 2.21 | |
Jindal Steel And Power | JNSP.NS | 14.65 | 8.18 | 15.40 | 46.49 | Buy | 26 | 1.02 | 0.20 | |
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.5060 Indian rupees
APRIL-JUNE STOCK PERFORMANCE https://tmsnrt.rs/3GGg9t1
(Reporting by Manvi Pant and Ananta Agarwal in Bengaluru;)
(([email protected]; +918447554364;))
July 25 (Reuters) - Steel Authority of India SAIL.NS reported a rise in first-quarter profit on Friday, helped by a marginal rise in steel prices due to a temporary tariff imposed on some imports, easing input costs and strong domestic demand.
The state-owned company's consolidated profit before exceptional items and tax more than doubled year-on-year to 9.68 billion rupees ($111.90 million) during the quarter ended June 30.
The company recorded a one-time cost of 3.12 billion rupees a year ago.
Its revenue from operations rose 8% to 259.22 billion rupees.
KEY CONTEXT
Last week, JSW Steel JSTL.NS, India's top steelmaker by market capitalisation, beat profit estimates on the back of higher prices and easing input costs.
India had imposed a 12% temporary tariff on some steel imports in April to help domestic mills, which have been under pressure from low-cost shipments from China. That moderated finished steel imports into the country and prompted domestic steelmakers to bridge the supply gap, boosting the metal's prices.
Costs of iron ore and coking coal — key steelmaking raw materials — dropped in the quarter, analysts said, helping the bottom line of the mills.
PEER COMPARISON
Valuation (next 12 months) | Estimates (next 12 months) | Analysts' sentiment | ||||||||
RIC | PE | EV/EBITDA | Revenue growth (%) | Profit growth (%) | Mean rating* | No. of analysts | Stock to price target** | Div yield (%) | ||
Steel Authority of India | SAIL.NS | 14.45 | 7.05 | 5.58 | 27.36 | Hold | 9 | 1.14 | 1.48 | |
JSW Steel | JSTL.NS | 17.88 | 9.15 | 12.88 | 98.61 | Hold | 31 | 0.98 | 0.27 | |
Tata Steel | TISC.NS | 14.80 | 7.67 | 6.99 | 101.70 | Buy | 30 | 1.00 | 2.21 | |
Jindal Steel And Power | JNSP.NS | 14.65 | 8.18 | 15.40 | 46.49 | Buy | 26 | 1.02 | 0.20 | |
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 86.5060 Indian rupees
APRIL-JUNE STOCK PERFORMANCE https://tmsnrt.rs/3GGg9t1
(Reporting by Manvi Pant and Ananta Agarwal in Bengaluru;)
(([email protected]; +918447554364;))
Street View: Strong demand, firm prices to drive earnings growth for JSW Steel
** Indian steelmaker JSW Steel JSTL.NS beat first-quarter profit view on Friday, driven by firm domestic steel prices and easing raw material costs
** At least four analysts have upgraded their rating on the stock, while four have hiked their PTs - data compiled by LSEG
PRICE DRIVEN GROWTH
** Jefferies ("buy," PT: 1,200 rupees) says Q1 was a "good" quarter with a positive growth outlook by the company as it is further expanding its capacity to 36 mtpa in FY26
** Nuvama ("reduce," PT: 977 rupees) says earnings were driven by higher steel prices and they are expected to rise post-monsoon after bottoming out in July, thus boosting earnings for JSTL
** Emkay Global ("add," PT: 1,050 rupees) says extension of safeguard duty on imported cheap steel will help JSTL, with strong demand further supporting steel prices
(Reporting by Kashish Tandon in Bengaluru)
((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))
** Indian steelmaker JSW Steel JSTL.NS beat first-quarter profit view on Friday, driven by firm domestic steel prices and easing raw material costs
** At least four analysts have upgraded their rating on the stock, while four have hiked their PTs - data compiled by LSEG
PRICE DRIVEN GROWTH
** Jefferies ("buy," PT: 1,200 rupees) says Q1 was a "good" quarter with a positive growth outlook by the company as it is further expanding its capacity to 36 mtpa in FY26
** Nuvama ("reduce," PT: 977 rupees) says earnings were driven by higher steel prices and they are expected to rise post-monsoon after bottoming out in July, thus boosting earnings for JSTL
** Emkay Global ("add," PT: 1,050 rupees) says extension of safeguard duty on imported cheap steel will help JSTL, with strong demand further supporting steel prices
(Reporting by Kashish Tandon in Bengaluru)
((kashish.tandon@thomsonreuters.com; Mobile: +91 8800437922))
India's JSW Steel expects steel prices to soften in July
July 18 (Reuters) - India's steel prices are expected to soften in July because of global uncertainty, cheaper imports and seasonal monsoon rains, JSW Steel JSTL.NS executives said at a post-earnings conference call on Friday.
(Reporting by Neha Arora in New Delhi and Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; Mobile: +91 9591011727;))
July 18 (Reuters) - India's steel prices are expected to soften in July because of global uncertainty, cheaper imports and seasonal monsoon rains, JSW Steel JSTL.NS executives said at a post-earnings conference call on Friday.
(Reporting by Neha Arora in New Delhi and Anuran Sadhu in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; Mobile: +91 9591011727;))
MEDIA-India's JSW Group to increase stake in JSW MG Motor India amid SAIC's exit from Indian Market - ET
- Source link: (https://bitl.to/4p6L)
- Note: Reuters has not verified this story and does not vouch for its accuracy
(Bengaluru newsroom)
(([email protected]; +91 80 6749 1310;))
- Source link: (https://bitl.to/4p6L)
- Note: Reuters has not verified this story and does not vouch for its accuracy
(Bengaluru newsroom)
(([email protected]; +91 80 6749 1310;))
India extends import curbs on met coke for six months
Rewrites with details and background throughout
June 30 (Reuters) - The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases.
India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.
Reuters in February reported that India could extend curbs on low-ash met coke imports to encourage local steel mills to use domestic suppliers. It also reported in May that India's steel ministry favoured extending the restrictions.
The curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue they hinder the companies' expansion plans because it is difficult to source preferred grades locally.
India's Commerce Minister Piyush Goyal in April urged steelmakers to source met coke locally.
India has also started an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.
Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.
(Reporting by Neha Arora and Harshita Meenaktshi. Editing by Susan Fenton and Mark Potter)
(([email protected];))
Rewrites with details and background throughout
June 30 (Reuters) - The Indian government has extended import curbs on low-ash metallurgical coke, a steelmaking raw material, for six months starting July, a government order said on Monday, dealing a blow to steelmakers who oppose restrictions on overseas purchases.
India, the world's second-largest crude steel producer, will set country-specific import quotas and cap purchases at 1.4 million metric tons from July 1 to December 31, the order said.
Reuters in February reported that India could extend curbs on low-ash met coke imports to encourage local steel mills to use domestic suppliers. It also reported in May that India's steel ministry favoured extending the restrictions.
The curbs have worried major steel producers, including ArcelorMittal Nippon India and JSW Steel JSTL.NS, who argue they hinder the companies' expansion plans because it is difficult to source preferred grades locally.
India's Commerce Minister Piyush Goyal in April urged steelmakers to source met coke locally.
India has also started an anti-dumping probe into overseas supplies of low-ash met coke from Australia, China, Colombia, Indonesia, Japan, and Russia, following a request from an industry body.
Imports of low-ash met coke have more than doubled in the past four years and major suppliers of the raw material include China, Japan, Indonesia, Poland and Switzerland.
(Reporting by Neha Arora and Harshita Meenaktshi. Editing by Susan Fenton and Mark Potter)
(([email protected];))
REFILE-JSW Steel files review petition before India's top court on Bhushan Power deal collapse (June 25)
Corrects to say liquidation, not liquidity, in paragraph 4; the story was previously corrected to add dropped words "pause on" in paragraph 4
June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL).
Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.
On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.
The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.
The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.
The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.
(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)
(([email protected]; +918447554364;))
Corrects to say liquidation, not liquidity, in paragraph 4; the story was previously corrected to add dropped words "pause on" in paragraph 4
June 25 (Reuters) - Indian steelmaker JSW Steel JSTL.NS said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover plan of Bhushan Power and Steel (BPSL).
Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed.
On May 26, the court halted the liquidation proceedings of the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.
The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.
The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.
The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.
(Reporting by Manvi Pant in Bengaluru; Editing by Shailesh Kuber)
(([email protected]; +918447554364;))
JSW Steel Files Review Petition Before Supreme Court On June 25, 2025
June 25 (Reuters) - JSW Steel Ltd JSTL.NS:
JSW STEEL LTD - FILES REVIEW PETITION BEFORE SUPREME COURT ON JUNE 25, 2025
JSW STEEL - UPDATE ON SUPREME COURT ORDER IN MATTER OF BHUSHAN POWER AND STEEL
Further company coverage: JSTL.NS
(([email protected];))
June 25 (Reuters) - JSW Steel Ltd JSTL.NS:
JSW STEEL LTD - FILES REVIEW PETITION BEFORE SUPREME COURT ON JUNE 25, 2025
JSW STEEL - UPDATE ON SUPREME COURT ORDER IN MATTER OF BHUSHAN POWER AND STEEL
Further company coverage: JSTL.NS
(([email protected];))
JSW Steel Reports May'25 Crude Steel Production At 2.3 Mln Tonnes
June 9 (Reuters) - JSW Steel Ltd JSTL.NS:
REPORTS MAY'25 CRUDE STEEL PRODUCTION AT 2.3 MILLION TONNES
Source text: ID:nBSE8rwWP7
Further company coverage: JSTL.NS
(([email protected];;))
June 9 (Reuters) - JSW Steel Ltd JSTL.NS:
REPORTS MAY'25 CRUDE STEEL PRODUCTION AT 2.3 MILLION TONNES
Source text: ID:nBSE8rwWP7
Further company coverage: JSTL.NS
(([email protected];;))
India's top miner tests local iron ore pricing; shift from global index, source says
By Neha Arora
NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC NMDC.NS is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters.
State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics.
The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet.
"We are taking baby steps," the source added.
The new formula will not link prices to any international index or exchange, the source said.
With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet.
"Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said.
The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said.
NMDC did not respond to a Reuters email seeking comments.
India's JSW Steel JSTL.NS, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC.
NMDC reported a fall in fourth-quarter profit, hurt by lower product prices.
India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.
(Reporting by Neha Arora. Editing by Nidhi Verma and Mark Potter)
(([email protected];))
By Neha Arora
NEW DELHI, June 2 (Reuters) - India's key iron ore producer NMDC NMDC.NS is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters.
State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics.
The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet.
"We are taking baby steps," the source added.
The new formula will not link prices to any international index or exchange, the source said.
With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet.
"Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said.
The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said.
NMDC did not respond to a Reuters email seeking comments.
India's JSW Steel JSTL.NS, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC.
NMDC reported a fall in fourth-quarter profit, hurt by lower product prices.
India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.
(Reporting by Neha Arora. Editing by Nidhi Verma and Mark Potter)
(([email protected];))
Indian miner NMDC's quarterly profit falls on softer prices
May 26 (Reuters) - Indian state-owned miner NMDC NMDC.NS on Tuesday reported a fall in fourth-quarter profit, hurt by lower product prices.
The iron ore miner's quarterly profit before exceptional items and tax came in at 23.51 billion rupees ($275.56 million), down 3.5% from a year ago.
Its profit including tax rose 2% for the January-March quarter due to lower tax expenses.
NMDC's iron ore prices averaged at 4,206 rupees, lower than the average of 4,299 rupees a year earlier, according to data from JM Financial Institutional Securities.
The company had announced a price cut in January, according to commodities consultancy BigMint.
JSW Steel JSTL.NS, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year.
NMDC's fourth-quarter revenue from operations rose 7% to 69.53 billion rupees, mainly due to higher sales in its pellets unit, which logged a nearly 13-fold increase in revenue.
Revenue from its iron ore vertical fell nearly 2% during the quarter.
($1 = 85.3180 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +918447554364;))
May 26 (Reuters) - Indian state-owned miner NMDC NMDC.NS on Tuesday reported a fall in fourth-quarter profit, hurt by lower product prices.
The iron ore miner's quarterly profit before exceptional items and tax came in at 23.51 billion rupees ($275.56 million), down 3.5% from a year ago.
Its profit including tax rose 2% for the January-March quarter due to lower tax expenses.
NMDC's iron ore prices averaged at 4,206 rupees, lower than the average of 4,299 rupees a year earlier, according to data from JM Financial Institutional Securities.
The company had announced a price cut in January, according to commodities consultancy BigMint.
JSW Steel JSTL.NS, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year.
NMDC's fourth-quarter revenue from operations rose 7% to 69.53 billion rupees, mainly due to higher sales in its pellets unit, which logged a nearly 13-fold increase in revenue.
Revenue from its iron ore vertical fell nearly 2% during the quarter.
($1 = 85.3180 Indian rupees)
(Reporting by Manvi Pant in Bengaluru; Editing by Shreya Biswas)
(([email protected]; +918447554364;))
Street View: India court's Bhushan Power order won't 'derail' JSW Steel's growth
** India's largest steelmaker JSW Steel JSTL.NS forecast improved earnings after Q4 profit miss
** However, stock pares early gains, last down 0.7%
** Of 32 analysts covering JSTL, at least six hike PTs, seven upgrade stock post results - data compiled by LSEG
** India's Supreme Court ordered the liquidation of debt-ridden Bhushan Power and Steel (BPSL) earlier this month, four years after its takeover was completed by JSW Steel
BHUSHAN POWER ORDER TO HAVE LIMITED IMPACT
** JP Morgan ("overweight"; hikes PT to 1,085 rupees from 1,020 rupees): FY26 volume growth forecast at 10.4% "strong"; management commentary on Bhushan Power order "reassuring"
** "We believe (Bhushan Power order) does not derail JSW's structural growth story"
** Investec ("buy"; PT 1,100 rupees): JSTL best placed among local mills on growth pipeline, outlook; see limited impact even if Bhushan Power is liquidated
** BofA Securities ("buy"; reduces PT to 1,130 rupees from 1,155 rupees): Q4 core profit "in line", but cuts PT "as we now value the company ex-BPSL"
** Says JSTL "best placed to benefit in a declining iron ore price environment"
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
** India's largest steelmaker JSW Steel JSTL.NS forecast improved earnings after Q4 profit miss
** However, stock pares early gains, last down 0.7%
** Of 32 analysts covering JSTL, at least six hike PTs, seven upgrade stock post results - data compiled by LSEG
** India's Supreme Court ordered the liquidation of debt-ridden Bhushan Power and Steel (BPSL) earlier this month, four years after its takeover was completed by JSW Steel
BHUSHAN POWER ORDER TO HAVE LIMITED IMPACT
** JP Morgan ("overweight"; hikes PT to 1,085 rupees from 1,020 rupees): FY26 volume growth forecast at 10.4% "strong"; management commentary on Bhushan Power order "reassuring"
** "We believe (Bhushan Power order) does not derail JSW's structural growth story"
** Investec ("buy"; PT 1,100 rupees): JSTL best placed among local mills on growth pipeline, outlook; see limited impact even if Bhushan Power is liquidated
** BofA Securities ("buy"; reduces PT to 1,130 rupees from 1,155 rupees): Q4 core profit "in line", but cuts PT "as we now value the company ex-BPSL"
** Says JSTL "best placed to benefit in a declining iron ore price environment"
(Reporting by Hritam Mukherjee in Bengaluru)
(([email protected];))
India's JSW Steel Exec Expects Volumes Growth By 10% In FY26
May 23 (Reuters) - JSW Steel Ltd JSTL.NS:
INDIA'S JSW STEEL EXEC: EXPECT VOLUMES GROWTH BY 10% IN FY26, IN-LINE WITH STEEL DEMAND IN INDIA
JSW STEEL EXEC: PRICES HAVE RISEN AFTER MARCH, BENEFITS ON REALIZATIONS WILL BE SEEN FROM Q1FY26
Further company coverage: JSTL.NS
(([email protected];))
May 23 (Reuters) - JSW Steel Ltd JSTL.NS:
INDIA'S JSW STEEL EXEC: EXPECT VOLUMES GROWTH BY 10% IN FY26, IN-LINE WITH STEEL DEMAND IN INDIA
JSW STEEL EXEC: PRICES HAVE RISEN AFTER MARCH, BENEFITS ON REALIZATIONS WILL BE SEEN FROM Q1FY26
Further company coverage: JSTL.NS
(([email protected];))
India's SAIL to import trial coking coal cargo from Mongolia, maybe by air
By Neha Arora
NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd SAIL.NS plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.
The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.
The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.
As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.
SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.
The Mongolian prime minister's office and SAIL did not respond to requests for comment.
India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.
To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.
However, its landlocked geography and limited infrastructure pose logistical challenges.
Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.
Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.
"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.
Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.
(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell)
(([email protected];))
By Neha Arora
NEW DELHI, May 6 (Reuters) - India's state-run Steel Authority of India Ltd SAIL.NS plans to import a trial cargo of coking coal from Mongolia this month and may transport the sample by air to speed up testing, two sources familiar with the matter said.
The move is part of SAIL's efforts to diversify its coking coal sources beyond Australia - a major supplier to India, but a country from which India has faced supply disruptions.
The trial shipment will consist of 1 metric ton of coking coal from landlocked Mongolia.
As an alternative to flying in Mongolian coal, SAIL could also consider routing it via China, depending on logistics, the sources said, declining to be named as the matter is not public.
SAIL is preparing to import a larger shipment of 75,000 metric tons from Mongolia, depending on the results of the quality check for the initial sample, the sources said.
The Mongolian prime minister's office and SAIL did not respond to requests for comment.
India, the world's second-largest crude steel producer, meets about 85% of its coking coal requirements through imports. More than half of those shipments come from Australia.
To reduce reliance on Australia, India has been seeking alternative sources of high-grade coking coal. Mongolia, which holds substantial reserves, has been identified as a potential partner offering competitive prices.
However, its landlocked geography and limited infrastructure pose logistical challenges.
Sandeep Poundrik, the most senior civil servant in India's Ministry of Steel, said last month that transporting bulk cargo from Mongolia remains difficult.
Poundrik said India's coking coal imports are expected to accelerate due to the limited availability of the key steelmaking ingredient, amid a ramp-up in steel capacity.
"Indian steel mills are actively diversifying their coking coal sourcing beyond Australia, tapping into regions such as Mozambique, Russia, U.S., Canada, and Indonesia," commodities consultancy BigMint said.
Reuters reported last week that JSW Steel, India's largest steelmaker by capacity, has encountered difficulties in sourcing coking coal from Mongolia due to unresponsive suppliers and transportation bottlenecks.
(Reporting by Neha Arora; editing by Mayank Bhardwaj and Ros Russell)
(([email protected];))
India government finalising response to top court scrapping JSW Steel-Bhushan deal, official says
Adds context
MUMBAI, May 5 (Reuters) - The Indian government has discussed with banks a court order that scrapped JSW Steel's JSTL.NS four-year-old buyout of Bhushan Power and Steel, and is finalising a response, a government official said on Monday.
The Supreme Court, on Friday, nullified JSW's takeover of Bhushan Steel, finalised four years ago under the country's insolvency law, and instead ordered the company's liquidation, affecting the deal's bankers, who had already been paid.
"I have already reviewed (the order) with all the lenders. We have taken a position, we have studied the judgement, we have got our advocates' view on the judgment," said M Nagaraju, the secretary of the Department of Financial Services (DFS) under India's Finance Ministry.
"Now we are taking a view in the government on how do we approach the judgment. We will finalise soon."
Bhushan Power owed over 470 billion rupees ($5.58 billion) to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code (IBC) in 2017.
JSW Steel emerged as the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.
JSW Steel shares were trading down around 1% on Monday, after falling 5.5% on Friday.
"We will decide on our further course of action," JSW said in a statement to exchanges on Friday.
($1 = 84.1770 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
Adds context
MUMBAI, May 5 (Reuters) - The Indian government has discussed with banks a court order that scrapped JSW Steel's JSTL.NS four-year-old buyout of Bhushan Power and Steel, and is finalising a response, a government official said on Monday.
The Supreme Court, on Friday, nullified JSW's takeover of Bhushan Steel, finalised four years ago under the country's insolvency law, and instead ordered the company's liquidation, affecting the deal's bankers, who had already been paid.
"I have already reviewed (the order) with all the lenders. We have taken a position, we have studied the judgement, we have got our advocates' view on the judgment," said M Nagaraju, the secretary of the Department of Financial Services (DFS) under India's Finance Ministry.
"Now we are taking a view in the government on how do we approach the judgment. We will finalise soon."
Bhushan Power owed over 470 billion rupees ($5.58 billion) to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code (IBC) in 2017.
JSW Steel emerged as the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.
JSW Steel shares were trading down around 1% on Monday, after falling 5.5% on Friday.
"We will decide on our further course of action," JSW said in a statement to exchanges on Friday.
($1 = 84.1770 Indian rupees)
(Reporting by Siddhi Nayak in Mumbai; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 9591011727;))
Top Indian court scraps JSW Steel's bid to acquire Bhushan Power, case lawyers say
Rewrites to change sourcing, add quote in paragraphs 1-2, JSW Steel's statement in paragraphs 7-8, updates shares
By Arpan Chaturvedi
NEW DELHI, May 2 (Reuters) - India's top court on Friday rejected JSW Steel's JSTL.NS resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said.
The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order.
The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media. The full judgment will be uploaded later on the court's website.
The basis for the court's decision was not immediately clear.
On Friday, news channel CNBC-TV18 reported the Supreme Court saying that JSW Steel's plan to acquire Bhushan Power was "illegal" and should not have been accepted by the latter's committee of creditors.
Shares of the steelmaker, India's largest by capacity, tumbled nearly 7% after the news.
JSW Steel said it is yet to receive a formal copy of the order to understand the grounds for rejection and the implications.
"Once we receive the order... we will decide on our further course of action."
Bhushan Power did not immediately respond to Reuters' email seeking comment.
JSW Steel was the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.
Bhushan Power owed over 470 billion rupees to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code in 2017.
Punjab National Bank had initiated criminal proceedings in 2019 against the former board of directors of Bhushan Power after the lender discovered fraud amounting to 38 billion rupees in the accounts of the company.
Punjab National Bank PNBK.NS and State Bank of India SBI.NS, which led the committee of creditors, also did not respond to Reuters' emails.
($1 = 83.8440 Indian rupees)
(Reporting by Arpan Chaturvedi in New Delhi, Siddhi Nayak in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)
(([email protected]; x.com/siddhiVnayak;))
Rewrites to change sourcing, add quote in paragraphs 1-2, JSW Steel's statement in paragraphs 7-8, updates shares
By Arpan Chaturvedi
NEW DELHI, May 2 (Reuters) - India's top court on Friday rejected JSW Steel's JSTL.NS resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm, two lawyers involved in the case said.
The insolvency administrator and the lenders panel, which ran the insolvency process, failed to discharge their duties in line with the law, one of the lawyers said, citing the Supreme Court's verbal order.
The lawyers spoke on the condition of anonymity as they are not authorised to speak to the media. The full judgment will be uploaded later on the court's website.
The basis for the court's decision was not immediately clear.
On Friday, news channel CNBC-TV18 reported the Supreme Court saying that JSW Steel's plan to acquire Bhushan Power was "illegal" and should not have been accepted by the latter's committee of creditors.
Shares of the steelmaker, India's largest by capacity, tumbled nearly 7% after the news.
JSW Steel said it is yet to receive a formal copy of the order to understand the grounds for rejection and the implications.
"Once we receive the order... we will decide on our further course of action."
Bhushan Power did not immediately respond to Reuters' email seeking comment.
JSW Steel was the successful resolution applicant with a 197 billion-rupee ($2.35 billion) bid for Bhushan Power, with the acquisition completed in 2021.
Bhushan Power owed over 470 billion rupees to its creditors when it was short-listed by the Reserve Bank of India to be admitted under the country's insolvency and bankruptcy code in 2017.
Punjab National Bank had initiated criminal proceedings in 2019 against the former board of directors of Bhushan Power after the lender discovered fraud amounting to 38 billion rupees in the accounts of the company.
Punjab National Bank PNBK.NS and State Bank of India SBI.NS, which led the committee of creditors, also did not respond to Reuters' emails.
($1 = 83.8440 Indian rupees)
(Reporting by Arpan Chaturvedi in New Delhi, Siddhi Nayak in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema)
(([email protected]; x.com/siddhiVnayak;))
India's JSW Steel faces challenges importing coking coal from Mongolia, sources say
By Neha Arora
NEW DELHI, May 1 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said.
The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India SAIL.NS was looking to bring in 75,000 metric tons.
India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending.
In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices.
"There is no response from the Mongolian side, and we are finding it difficult," one of the sources said, declining to be identified due to the sensitive nature of discussions.
"On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis," the source said.
Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia.
The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment.
Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese.
However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences.
Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said.
"We don't want to raise our exposure in one geography," they said.
The company also sources coking coal from Australia, the United States and Mozambique.
Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability.
India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.
(Reporting by Neha Arora; Editing by Saad Sayeed)
(([email protected];))
By Neha Arora
NEW DELHI, May 1 (Reuters) - JSW Steel JSTL.NS, India's largest steelmaker by capacity, has hit a roadblock in sourcing coking coal from Mongolia due to unresponsive suppliers and transport bottlenecks, three sources familiar with the matter said.
The company had aimed to import 2,500 metric tons from Mongolia, while the Steel Authority of India SAIL.NS was looking to bring in 75,000 metric tons.
India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports, with Australia supplying more than half of those shipments. Steel demand has skyrocketed in the country driven by rapid economic growth and increasing infrastructure spending.
In a bid to diversify its supply chain for the key steelmaking ingredient, India has been exploring partnerships with resource-rich Mongolia, which industry officials have identified as a viable source of high-grade coking coal at relatively lower prices.
"There is no response from the Mongolian side, and we are finding it difficult," one of the sources said, declining to be identified due to the sensitive nature of discussions.
"On one hand, transport from Russia is clogged and on the other, it may not be feasible to get it from China on a sustainable basis," the source said.
Steel Secretary Sandeep Poundrik said over the weekend that there were logistical challenges in sourcing material from landlocked Mongolia.
The Mongolian prime minister's office and JSW Steel did not respond to emails from Reuters seeking comment.
Ties have soured between India and China since the 2020 clash between troops along their Himalayan border, which killed at least 20 Indian soldiers and four Chinese.
However, there have been some signs of thaw with the neighbours agreeing in January to work on resolving trade and economic differences.
Separately, JSW Steel, which imports about close to one-third of its coking coal needs from Russia, has no plans to increase imports from Moscow, the source said.
"We don't want to raise our exposure in one geography," they said.
The company also sources coking coal from Australia, the United States and Mozambique.
Chief executive Jayant Acharya told Reuters last week that JSW Steel was open to buying coking coal assets based on commercial and strategic viability.
India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said last week.
(Reporting by Neha Arora; Editing by Saad Sayeed)
(([email protected];))
India urging firms to acquire overseas iron ore, coking coal assets, official says
Adds official quotes, details, background on India's steel capacity, coking coal imports in paragraphs 2-8
By Neha Arora
MUMBAI, April 26 (Reuters) - India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.
"We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai. "Raw material securitisation is the most important aspect of steelmaking."
India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.
To support this expansion, coking coal imports are projected to rise to 160 million tons by 2030 from around 58 million tons now, Poundrik had projected on Friday.
Despite an uptick in steel output, India's coking coal imports dipped 0.7% in the fiscal year ended in March due to lower shipments from Australia and the United States, said commodities consultancy BigMint.
India relies on imports to meet 85% of its coking coal needs, with Australia supplying more than half of those shipments.
In a bid to diversify supply, India has also been exploring partnerships with Mongolia. However, logistical challenges remain in sourcing material from the landlocked country, Poundrik noted.
India's state-run miner NMDC NMDC.NS is exploring coking coal assets, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.
(Reporting Neha Arora; Writing by Sethuraman NR; Editing by William Mallard)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
Adds official quotes, details, background on India's steel capacity, coking coal imports in paragraphs 2-8
By Neha Arora
MUMBAI, April 26 (Reuters) - India is encouraging companies to acquire iron ore, coking coal, and other key raw material assets overseas, Steel Secretary Sandeep Poundrik said on Saturday, as the country ramps up its steelmaking capacity to meet rising demand.
"We are encouraging our companies to acquire assets abroad, right from iron ore to coking coal to even limestone and dolomite," Poundrik said at an industry event in Mumbai. "Raw material securitisation is the most important aspect of steelmaking."
India, the world's second-largest producer of crude steel, aims to boost its overall steelmaking capacity to 300 million tons by 2030, up from about 200 million tons currently.
To support this expansion, coking coal imports are projected to rise to 160 million tons by 2030 from around 58 million tons now, Poundrik had projected on Friday.
Despite an uptick in steel output, India's coking coal imports dipped 0.7% in the fiscal year ended in March due to lower shipments from Australia and the United States, said commodities consultancy BigMint.
India relies on imports to meet 85% of its coking coal needs, with Australia supplying more than half of those shipments.
In a bid to diversify supply, India has also been exploring partnerships with Mongolia. However, logistical challenges remain in sourcing material from the landlocked country, Poundrik noted.
India's state-run miner NMDC NMDC.NS is exploring coking coal assets, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.
(Reporting Neha Arora; Writing by Sethuraman NR; Editing by William Mallard)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
India's NMDC exploring coking coal assets in Indonesia, Australia, chairman says
Adds executive comments and details from paragraph 2 onwards
By Neha Arora
MUMBAI, April 24 (Reuters) - Indian miner NMDC NMDC.NS is exploring coking coal assets, key ingredient used for making iron ore and steel, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.
India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports. Australia accounts for more than half of the country's coking coal imports.
The company is looking at this as a business opportunity, Mukherjee said. "They (explorations) are in different stages of negotiations." He did not disclose the details of these talks due to confidentiality.
State-owned NMDC is India's largest iron ore miner with four operational mines across the country.
The country's top steelmaker JSW Steel's JSTL.NS CEO Jayant Acharya had told Reuters earlier in the day that the company sources coking coal from Australia, the United States and Mozambique. State-owned SAIL SAIL.NS also procures coking coal from countries such as Mongolia.
Coking coal has traditionally been a volatile commodity because of its dominance in exports and the variability of weather, according to commodity consultancy firm BigMint.
In 2023, erratic weather conditions hit coking coal supplies from Australia.
(Reporting by Neha Arora in Mumbai, and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Shilpi Majumdar)
(([email protected]; +918447554364;))
Adds executive comments and details from paragraph 2 onwards
By Neha Arora
MUMBAI, April 24 (Reuters) - Indian miner NMDC NMDC.NS is exploring coking coal assets, key ingredient used for making iron ore and steel, in Indonesia and Australia, Chairman Amitava Mukherjee said on Thursday.
India, the world's second-largest producer of crude steel, meets 85% of its coking coal requirements through imports. Australia accounts for more than half of the country's coking coal imports.
The company is looking at this as a business opportunity, Mukherjee said. "They (explorations) are in different stages of negotiations." He did not disclose the details of these talks due to confidentiality.
State-owned NMDC is India's largest iron ore miner with four operational mines across the country.
The country's top steelmaker JSW Steel's JSTL.NS CEO Jayant Acharya had told Reuters earlier in the day that the company sources coking coal from Australia, the United States and Mozambique. State-owned SAIL SAIL.NS also procures coking coal from countries such as Mongolia.
Coking coal has traditionally been a volatile commodity because of its dominance in exports and the variability of weather, according to commodity consultancy firm BigMint.
In 2023, erratic weather conditions hit coking coal supplies from Australia.
(Reporting by Neha Arora in Mumbai, and Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala and Shilpi Majumdar)
(([email protected]; +918447554364;))
India imposes temporary tariff on some steel to stem cheap imports from China
Repeats for wider distribution with no changes to text
By Neha Arora and Surbhi Misra
NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.
The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".
The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.
Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.
India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.
"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.
New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.
"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.
"The world is impacted by Chinese imports whether directly or indirectly," said the executive.
India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.
New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.
(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)
(([email protected];))
Repeats for wider distribution with no changes to text
By Neha Arora and Surbhi Misra
NEW DELHI, April 21 (Reuters) - India, the world's second-biggest producer of crude steel, on Monday imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
A flood of Chinese steel in recent years has pushed some Indian mills to scale down operations and mull job cuts, and India is one of a number of countries to have contemplated action to stem imports to protect local industry.
The Ministry of Finance said in an official order that the duty would be effective for 200 days from Monday, "unless revoked, superseded or amended earlier".
The move is New Delhi's first big trade policy shift since U.S. President Donald Trump imposed a wide range of tariffs on countries in April, kicking off a bitter trade war with China.
Tensions over cheap steel imports into India predate that, with the investigation behind the latest move beginning in December.
India's Steel Minister H. D. Kumaraswamy said in a statement the measure is aimed at protecting domestic steel manufacturers from the adverse impact of a surge in imports, and will ensure fair competition in the market.
"This move will provide critical relief to domestic producers, especially small and medium-scale enterprises, who have faced immense pressure from rising imports," Kumaraswamy said.
New Delhi's tariffs are primarily aimed at China, which was the second-biggest exporter of steel to India behind South Korea in 2024/25.
"The decision is along expected lines and we will now wait and see how this measure supports (the) industry and margins and restricts cheap imports into the country," said a senior executive at a leading Indian steel mill.
"The world is impacted by Chinese imports whether directly or indirectly," said the executive.
India was a net importer of finished steel for a second straight year in 2024/25, with shipments reaching a nine-year high of 9.5 million metric tons, according to provisional government data.
New Delhi's leading steelmakers' body - which counts JSW Steel JSTL.NS and Tata Steel TISC.NS among members, alongside the Steel Authority of India SAIL.NS and ArcelorMittal Nippon Steel India - has raised concerns over imports and called for curbs.
(Reporting by Neha Arora and Surbhi Misra; Editing by Alison Williams, Toby Chopra, Mayank Bhardwaj and Jan Harvey)
(([email protected];))
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What does JSW Steel do?
JSW Steel, the flagship business of the diversified JSW Group, is not only a leading steel manufacturing company in India but also recognized as the best steel company in India. The company has a strategic collaboration with global leader JFE Steel of Japan, enabling JSW to access new and state-of-the-art technologies to produce & offer high-value special steel products to its customers. These products are extensively used across industries and applications including construction, infrastructure, automobile, electrical applications, appliances, etc. The company is widely recognized for its excellence in business and sustainability practices.
Who are the competitors of JSW Steel?
JSW Steel major competitors are SAIL, Tata Steel, Jindal Stainless, Shyam Metalics&Ener, Sarda Energy&Min., Gallantt Ispat, Usha Martin. Market Cap of JSW Steel is ₹2,79,956 Crs. While the median market cap of its peers are ₹25,998 Crs.
Is JSW Steel financially stable compared to its competitors?
JSW Steel seems to be less financially stable compared to its competitors. Altman Z score of JSW Steel is 2.43 and is ranked 6 out of its 8 competitors.
Does JSW Steel pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. JSW Steel latest dividend payout ratio is 19.5% and 3yr average dividend payout ratio is 19.8%
How has JSW Steel allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments
How strong is JSW Steel balance sheet?
Balance sheet of JSW Steel is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of JSW Steel improving?
The profit is oscillating. The profit of JSW Steel is ₹5,232 Crs for TTM, ₹3,504 Crs for Mar 2025 and ₹8,812 Crs for Mar 2024.
Is the debt of JSW Steel increasing or decreasing?
Yes, The net debt of JSW Steel is increasing. Latest net debt of JSW Steel is ₹69,397 Crs as of Mar-25. This is greater than Mar-24 when it was ₹60,903 Crs.
Is JSW Steel stock expensive?
Yes, JSW Steel is expensive. Latest PE of JSW Steel is 57.81, while 3 year average PE is 30.34. Also latest EV/EBITDA of JSW Steel is 14.52 while 3yr average is 10.17.
Has the share price of JSW Steel grown faster than its competition?
JSW Steel has given lower returns compared to its competitors. JSW Steel has grown at ~14.52% over the last 4yrs while peers have grown at a median rate of 45.46%
Is the promoter bullish about JSW Steel?
Promoters seem to be bullish about the company. Latest quarter promoter holding is 45.31% and last quarter promoter holding is 44.84%.
Are mutual funds buying/selling JSW Steel?
The mutual fund holding of JSW Steel is increasing. The current mutual fund holding in JSW Steel is 4.25% while previous quarter holding is 3.54%.