JSW Steel rose 1.8% to Rs 1,128 at 12:05 IST on BSE after the clarified that there was no accident at the steel plant at Vijayanagar works of the company on Tuesday, 9 December 2014.
The company made the announcement after market hours on Tuesday, 9 December 2014,
Meanwhile, the BSE Sensex was up 5.62 points, or 0.02%, to 27,802.63.
On BSE, so far 13,587 shares were traded in the counter, compared with an average volume of 65,524 shares in the past one quarter.
The stock hit a high of Rs 1,134.45 and a low of Rs 1,105.25 so far during the day. The stock hit a 52-week high of Rs 1,365.35 on 2 September 2014. The stock hit a 52-week low of Rs 805 on 14 February 2014.
Shares of steel maker had underperformed the market over the past one month till 8 December 2014, falling 6.7% compared with 0.9% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 15.02% as against Sensex's 2.93% rise.
JSW Steel said that a sudden release of pressure resulted in a huge sound at the plant. The company added that the plant is working normally. JSW issued the clarification after media reports suggested that there was an accident at the steel plant at Vijayanagar works of JSW Steel on Tuesday, 9 December 2014.
Meanwhile, India's Ministry of Commerce & Industry yesterday, 9 December 2014, said that India has achieved a significant victory at the WTO, as the WTO Appellate Body (AB) in its ruling dated 8 December 2014 held that the Countervailing Duty (CVD) measures imposed by the United States against certain hot rolled carbon steel flat products from India are inconsistent with various provisions of the Agreement on Subsidies and Countervailing Measures (ASCM). The AB ruling will definitely help the domestic manufacturers, who had been suffering on account of inconsistent practices by the United States Department of Commerce, India's Ministry of Commerce & Industry said.
JSW Steel reported consolidated net profit of Rs 748.76 crore in Q2 September 2014 compared with consolidated net loss of Rs 115.55 crore in Q2 September 2013. Total income rose 6.8% to Rs 13921.27 crore in Q2 September 2014 over Q2 September 2013.
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