JSW Steel gains on buying out NSL Green Recycling from National Steel Holding
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“JSW Steel has entered a share purchase agreement with NSH to purchase its stake in the company at a cost of Rs 8.92 crore. Post acquisition of the stake held by NSH, NSL Green Recycling will become a wholly owned subsidiary of the JSW Steel,” the company said.
JSW Steel is engaged in the business of manufacturing a wide range of steel products, including hot-rolled and cold-rolled coils, galvanized products, and various steel derivatives.
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Shares of JSW Steel were marginally up on September 25 morning after the company in a regulatory filing announced to have purchased a 50 percent stake in NSL Green Recycling from National Steel Holding (NSH). The company also terminated its joint-venture agreement with NHS, it said.
“JSW Steel has entered a share purchase agreement with NSH to purchase its stake in the company at a cost of Rs 8.92 crore. Post acquisition of the stake held by NSH, NSL Green Recycling will become a wholly owned subsidiary of the JSW Steel,” the company said.
JSW Steel and New-Zealand based NSH had jointly set-up NSL Green Recycling through a partnership agreement signed in August, 2022. The company, which is yet to commence operations, was supposed to process and supply scrap steel to JSW in order to help it reduce its carbon footprint.
At 9.30am on the NSE, the JSW Steel stock was quoting at Rs 776.95 apiece, up Rs 2.90, or 0.37 percent.
The stock has been witnessing consolidation since June 28th, down 1.1 percent. In year-to-date terms, the stock is down 0.10 percent.
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In its results for the April-June quarter, JSW Steel reported a 10.83 percent YoY (year-on-year) increase in revenue from operations at Rs 42,213 crore. Net profit for the quarter was up 189.39 percent YoY at Rs 2,428 crore. The operating profit margins for the quarter expanded by 600 basis points on a yearly basis to 17 percent.
JSW Steel is engaged in the business of manufacturing a wide range of steel products, including hot-rolled and cold-rolled coils, galvanized products, and various steel derivatives.
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