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26-Mar2018

JSW Steel shines with arm signing Memorandum of Cooperation to develop steel industry in Texas

JSW Steel is currently trading at Rs. 290.25, up by 4.35 points or 1.52% from its previous closing of Rs. 285.90 on the BSE.

The scrip opened at Rs. 284.50 and has touched a high and low of Rs. 290.25 and Rs. 284.50 respectively. So far 99213 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 320.50 on 27-Feb-2018 and a 52 week low of Rs. 178.00 on 27-Mar-2017.

Last one week high and low of the scrip stood at Rs. 291.15 and Rs. 275.00 respectively. The current market cap of the company is Rs. 69942.27 crore.

The promoters holding in the company stood at 41.68%, while Institutions and Non-Institutions held 38.16% and 20.15% respectively.

JSW Steel's subsidiary -- JSW Steel (USA) Inc -- has signed a Memorandum of Cooperation with Office of Governor, Texas USA to develop and augment the steel industry in Texas. According to the Memorandum between Parth Jindal of JSW Group and Greg Abbott, Governor of Texas in partnership with Texas Enterprise Fund, JSW Steel (USA) Inc has agreed to consider investment of up to $500 million in phases (subject to EPA approval) in developing its steel manufacturing infrastructure in Baytown, Texas USA. As part of this Memorandum, Governor Greg Abbott has also approved $3.4 million grant from the Texas Enterprise Fund to the company.

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.


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