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17-Aug2016

JSW Steel rises on acquiring entire stake of Praxair India

JSW Steel is currently trading at Rs. 1765.50, up by 16.85 points or 0.96% from its previous closing of Rs. 1748.65 on the BSE.

The scrip opened at Rs. 1748.00 and has touched a high and low of Rs. 1770.00 and Rs. 1741.50 respectively. So far 40561 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1770.00 on 17-Aug-2016 and a 52 week low of Rs. 829.35 on 25-Aug-2015.

Last one week high and low of the scrip stood at Rs. 1753.00 and Rs. 1685.00 respectively. The current market cap of the company is Rs. 42596.26 crore.

The promoters holding in the company stood at 41.48%, while Institutions and Non-Institutions held 37.61% and 20.91% respectively.

JSW Steel has completed the acquisition of the entire 74% stake of Praxair India in JSW Praxair Oxygen (JPOPL), for a cash consideration of Rs 240 crore. Post the aforesaid acquisition, JPOPL has become a wholly owned subsidiary of the company.

JPOPL is engaged in the business of production and sale of industrial gases such as oxygen, nitrogen and argon and has set up two air separation plants, each with a capacity of 2500 tonnes per day, at Toranagallu, Bellary District in Karnataka. JSW Steel currently sources industrial gases from JPOPL amongst others at prices based on long term contracts.

 


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