JSW Steel hits new high on hope of strong recovery in operating performance

Moody's believe JSW will sustain the improvement over the next 12-18 months, enabling a recovery in its financial metrics to levels more appropriate for its Ba2 CFR.

Shares of JSW Steel, on Thursday, rose 5 per cent and hit a new high of Rs 490.95 on the BSE in intra-day trade after credit ratings agency Moody's Investors Service changed the outlook on all ratings of the company’s instruments to stable from 'negative', led by strong recovery in operating performance.

Moody’s, on Wednesday, has affirmed the JSW Steel’s Ba2 corporate family rating (CFR) and the Ba2 rating on the senior unsecured notes issued by the steel major. The rating agency also affirmed the Ba2 rating on the senior unsecured notes guaranteed by JSW and issued by its