JSW Steel firms up on commissioning first phase of Cold Rolling Mill-2 in Karnataka

JSW Steel is currently trading at Rs. 1128.05, up by 12.80 points or 1.15 % from its previous closing of Rs. 1115.25 on the BSE. The scrip opened at Rs. 1113.25 and has touched a high and low of Rs. 1134.50 and Rs. 1109.20 respectively. So far 32476 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1126.65 on 22-Apr-2014 and a 52 week low of Rs. 451.50 on 19-Aug-2013. Last one week high and low of the scrip stood at Rs. 1126.65 and Rs. 1007.00 respectively. The current market cap of the company is Rs. 27271.08 crore. The promoters holding in the company stood at 38.45 % while Institutions and Non-Institutions held 23.29 % and 38.27 % respectively. JSW Steel has commissioned the first phase of 2.3 million tonne per annum (MTPA) Cold Rolling Mill-2 at Toranagallu in Karnataka’s Bellary district. In this regard, the company has invested Rs 4,500 crore to set up the plant in technical collaboration with Japan’s JFE Steel. The CRM-1 is already operational since 8 years and manufactures special steel for under body parts in passenger cars. By commissioning of the Cold Rolling Mill, the company is targeting to capture a sizeable portion of auto-grade steel market in India. At present, Indian automobile industry imports about 1 million tonnes of high-end steel with a strength level of 980 MPA (Megapascal) annually to manufacture premium passenger cars and sports utility vehicles (SUVs). Further, the company is planning to capture a sizeable portion of this market, which is estimated to grow at 0-15% in the coming years. JSW Steel is part of the JSW group which, in turn, is a part of the O P Jindal group. 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.