The Mumbai-based firm’s need for cash has been growing as it aims to almost double its steel output to 50 million tons by the end of the decade to meet rising demand from construction, energy and autos
Blue-chip stocks Power Grid, HDFC Bank, Axis Bank, NTPC, and Kotak Bank were the top Sensex gainers, rising 2-4%. On the other hand, TCS, JSW Steel, HCL Tech, Bajaj Finserv, and Maruti Suzuki closed with cuts. Smallcap stock Zaggle Prepaid Ocean Services closed 14% higher after the company announced that it had entered into an agreement with EasyMyTrip Planners Limited for three years.
Tata Steel, JSW Steel and Rungta Sons are among the 27 companies which have submitted bids for coal blocks put up for commercial mines auction, the government said on Tuesday. "A total of 27 companies including major companies like Tata Steel Ltd, JSW Steel Ltd, Rungta Sons Pvt Ltd., etc. have submitted their bids in the auction process," the coal ministry said in a statement.
JSW Steel is aiming to increase its production capacity to 37 million tonnes per annum by FY25 and to 50 MTPA by 2030, necessitating additional raw materials such as coking coal.