JSW Steel (JSW) has entered into an assignment agreement dated 31 March 2021 (Assignment Agreement), whereby Laptev Finance (Laptev), a JSW Group company has assigned to JSW all rights and obligations of Laptev under the Business Transfer Agreement dated 31 March 2019 as amended from time to time including the amendment dated 31 March 2021 (Business Transfer Agreement) executed by Laptev with Welspun Corp (Welspun), for a consideration of Rs 1 crore and applicable taxes.
As per the Business Transfer Agreement, Laptev had agreed to acquire from Welspun, as a going concern on slump sale basis, the business of manufacturing of high-grade steel plates and coils (PCMD Business), for a consideration of Rs 848.50 crore, which is subject to closing adjustments towards net working capital.
JSW Steel Ltd is quoting at Rs 504.4, up 7.67% on the day as on 12:44 IST on the NSE. The stock is up 258.49% in last one year as compared to a 82.41% jump in NIFTY and a 172.43% jump in the Nifty Metal.
JSW Steel Ltd is up for a fifth straight session today. The stock is quoting at Rs 504.4, up 7.67% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.37% on the day, quoting at 14745.7. The Sensex is at 49581.27, up 0.15%. JSW Steel Ltd has gained around 22.04% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has gained around 5.63% in last one month and is currently quoting at 3977.2, up 4.32% on the day. The volume in the stock stood at 236.65 lakh shares today, compared to the daily average of 85.72 lakh shares in last one month.
Godawari Power & Ispat jumped 5.91% to Rs 595 after the company said it received environmental clearance to operate the enhanced capacity of iron ore pellet plant and set up manufacturing facilities in other divisions.
Chhattisgarh Environment Conservation Board, Raipur has accorded its approval for Consent to Operate enhanced capacity of iron ore pellet plant from 21,00,000 to 24,00,000 tons per annum with immediate effect.
The Board has also accorded its approval for expanding and modernizing the company s existing manufacturing facilities located at Siltara industrial Area, Raipur. Subsequently, the capacity of company s steel billets plant will be increased to 7,00,000 MTA per annum (from current 4,00,000 MTA per annum) and that of the the H.B. wire plant will be increased to 2,00,000 MTA per annum (from present 1,00,000 MTA per annum)
The unit has a grinding capacity of 3 million tonnes per annum (MTPA).Shree Cement said it has commenced commercial production at its new cement grinding unit having capacity of 3.0 MTPA set-up at Athagarh Tehsil in Cuttack District of Odisha.
The scrip declined 1.27% to currently trade at Rs 27,349.90 on the BSE. It traded in the range of 27850 and 27211.20 so far during the day.
On a year-to-date (YTD) basis, the stock has gained 13.77% while the benchmark Sensex has added 5.28% during the same period.
Shree Cement is a leading cement manufacturer in the country having its operations spread across several states. The company also has business interest in power generation and trading.
Read more about India Ratings revises JSW Steel s credit outlook to stable on Business Standard. India Ratings and Research has reaffirmed JSW Steel s rating at IND AA with outlook revised to stable from negative .