JSW Steel gains after hiking stake in Vallabh Tinplate

JSW Steel rose 1.96% to Rs 1,034.35 at 11:44 IST on BSE after the company said it has hiked its stake in Vallabh Tinplate to 50%.

The company made the announcement after trading hours on Wednesday, 16 April 2014.

Meanwhile, the BSE Sensex was up 204.97 points, or 0.92%, to 22,482.20.

On BSE, so far 38,000 shares were traded in the counter, compared with an average volume of 98,383 shares in the past one quarter.

The stock hit a high of Rs 1,039.70 and a low of Rs 1,007 so far during the day. The stock hit a 52-week high of Rs 1,084.50 on 10 April 2014. The stock hit a 52-week low of Rs 451.50 on 19 August 2013.

The stock had outperformed the market over the past one month till 15 April 2014, rising 7.94% compared with the Sensex's 3.10% rise. The scrip had, however, underperformed the market in past one quarter, sliding 0.89% as against Sensex's 5.62% rise.

The large-cap company has an equity capital of Rs 241.72 crore. Face value per share is Rs 10.

JSW Steel announced that on 15 April 2014, it acquired further equity stake in Vallabh Tinplate (VTPL), raising its total stake to 50%.

On 21 February 2014, JSW Steel had announced that it was planning to acquire 26% equity in Vallabh Tinplate immediately and shall increase its equity stake in VTPL to 50% in due course. On 7 April 2014, JSW Steel acquired 26% equity stake in VTPL.

On a consolidated basis, JSW Steel reported a net profit of Rs 466.49 crore in Q3 December 2013 as against net loss of Rs 73.70 crore in Q3 December 2012. Total income rose 53.29% to Rs 13637.21 crore in Q3 December 2013 over Q3 December 2012.

There was a foreign exchange (forex) loss of Rs 268.45 crore in Q3 December 2012 while the forex loss was nil in Q3 December 2013.

JSW Steel, the flagship company of the JSW Group is India's leading integrated steel manufacturer with a combined capacity of 14.3 MTPA. It is one of the largest producers and exporters of coated flat products in the country with presence in over 100 countries across five continents.

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