JSW Steel gains on getting partial relief in FDT case

JSW Steel rose 1.04% to Rs 1,057.90 at 9:56 IST on BSE after the company said it received a partial relief from the Karnataka High Court in the Forest Development Tax case.

The announcement was made after market hours yesterday, 4 January 2016.

Meanwhile, the BSE Sensex was down 26.65 points, or 0.10%, to 25,596.70.

On BSE, so far 28,000 shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter. The stock hit a high of Rs 1,069 and a low of Rs 1,055 so far during the day. The stock hit a 52-week high of Rs 1,087 on 5 January 2015. The stock hit a 52-week low of Rs 801 on 28 July 2015. The stock had outperformed the market over the past one month till 4 January 2016, rising 7.71% compared with 0.06% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 19.60% as against Sensex's 2.28% fall.

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

JSW Steel announced that the Karnataka high court on 3 December 2015 provided a partial relief on the payment of Forest Development Tax (FDT) while hearing a petition filed by mine owners and the purchasers of iron ore, including JSW Steel on the levy of FDT by the Karnataka state government. The parties are entitled to appeal to the high court within the stipulated period of 90 days. JSW Steel said that the company is closely monitoring the developments in this regard.

On a consolidated basis, net profit of JSW Steel declined 84.38% to Rs 116.95 crore on 21.54% decline in net sales to Rs 10742.73 crore in Q2 September 2015 over Q2 September 2014.

JSW Steel is India's leading private sector steel producer. Its footprint extends to the US, South America and Africa.

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