- JSW Steel slides after three-day 13.4% rally
Hot Pursuit Thursday, March 15, 2012 11:46 Hrs IST

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JSW Steel slides after three-day 13.4% rally

JSW Steel lost 2.34% to Rs 765 at 11:44 IST on BSE, with the stock extending Wednesday's 0.69% fall on profit taking after three-day 13.47% rally.

Meanwhile, the BSE Sensex was down 155.21 points, or 0.87% to 17,764.09.

On BSE, 2.33 lakh shares were traded in the counter as against average daily volume of 6.01 lakh shares in the past one quarter.

The stock hit a high of Rs 782.15 and a low of Rs 751.90 so far during the day. The stock had hit a 52-week low of Rs 464 on 20 December 2011. The stock had hit a 52-week high of Rs 1,015 on 7 April 2011.

The stock had underperformed the market over the past one month till 14 March 2012, falling 5.4% compared with the Sensex's 0.4% gain. The scrip had, however, outperformed the market in past one quarter, surging 44.19% as against Sensex's 12.83% gain.

The large-cap steel maker has an equity capital of Rs 223.12 crore. Face value per share is Rs 10.

The JSW Steel stock has lost 3.01% in two trading sessions from Rs 788.80 on Tuesday, 13 March 2012. Before the two-day fall, the stock rallied 13.47% in the prior three trading sessions to settle at Rs 788.80 on 13 March 2012, from a recent low of Rs 695.15 on 7 March 2012.

JSW Steel said during trading hours on Monday, 12 March 2012, it is foraying into the manufacture of electrical steel in line with the company's strategy of increasing its portfolio of value added products.

JSW Steel said that it is planning to set up an electrical steel manufacturing facility of 0.6 million tonnes per annum (MTPA) capacity at its integrated steel works at Vijayanagar. Initially, this facility will produce 0.4 to 0.5 MTPA of Cold Rolled Non-grain Oriented (CRNO) grade electrical steel, the company said in a statement. In the first phase, the new facility will produce 0.2 MTPA CRNO. JSW envisages becoming the largest electrical steel producer in the country, the company said in a statement.

JSW Steel and JFE signed a strategic collaboration agreement in the year 2010. In line with this agreement, both companies have already entered into agreement to collaborate in automotive steel manufacturing at Vijayanagar works and now intend to extend their collaboration to electrical steel, JSW Steel said in a statement. JFE is one of the largest integrated steel producers in Japan with extensive experience and access to advanced technologies required for the production of high quality steel products, energy management and environmental management, JSW Steel said.

On a consolidated basis, JSW Steel reported net loss of Rs 47.89 crore in Q3 December 2011, compared with net profit of Rs 291.72 crore in Q3 December 2010. Net sales rose 40.9% to Rs 8404.66 crore in Q3 December 2011 over Q3 December 2010.

JSW Steel is one of the lowest cost steel producers in the world. The company is engaged in manufacture of flat and long products viz H R Coils, C R Coils, Galvanised products, Galvalume products, auto grade/white goods grade CRCA Steel, Bars and Rods. The company is one of the largest producers and exporters of coated flat products in the country, with presence in over 100 countries across five continents.

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