Meanwhile, the BSE Sensex was up 101.08 points, or 0.59%, to 17232.16.
On BSE, 7.97 lakh shares were traded in the counter as against an average daily volume of 5.90 lakh shares in the past one quarter.
The stock hit a high of Rs 1039.80, which is also its 52-week high. The stock hit a low of Rs 992 so far during the day. The stock had hit a 52-week low of Rs 161.15 on 9 March 2009.
The stock is up 6.53% from a recent low of Rs 957.85 on 20 November 2009. The stock had outperformed the market over the past one month till 24 November 2009, rising 17.19% as compared to the Sensex's 1.91% fall. It outperformed the market in past one quarter, gaining 39.46% as against 9.61% rise in the Sensex.
The large-cap steel maker has an equity capital of Rs 187.05 crore. Face value per share is Rs 10.
The current price of Rs 1020.45 discounts the company's Q2 September 2009 annualised EPS of Rs 96.56, by a PE multiple of 10.56.
JSW Steel recently entered into a pact with Japan's JFE Holdings to make auto grade steel in India and to work on sourcing raw materials domestically and abroad. JFE Holdings Inc has agreed with JSW Steel to discuss mutual shareholding.
Accoding to reports, the investments in both, JSW Steel and the Bengal unit, might happen in the next four months, as a team from the Japanese company will be in India next week to finalise the details.
The company expects the construction of Bengal project to start soon since it has already acquired 4,500 acres of land at Salboni in Paschim Medinipur district of West Bengal.
Currently, JSW Steel holds 89% stake in the subsidiary, while the rest is held by the West Bengal state government. JSW Steel had delayed the construction of the plant due to unavailability of funds last year because of credit crisis.
JFE tied up with JSW Steel as it aims to build a supply base for Japanese car makers planning to start manufacturing in India.
JFE is the second largest steel company in Japan with an annual production of 33 million tones in year 2008.
JSW Steel is among the low-cost steel producers. It currently makes flat and long products at its plant at Bellary district in Karnataka with a capacity of 6.8 million tonne.
Recently, a group company JSW Energy received approval for an initial public offer from the Securities and Exchange Board of India.
JSW Energy's total promoter holding stands at 64.52%; Sajjan Jindal owns 5.46% stake, JSW Investments owns 39.24% and Sun Investments owns 19.82% stake.
JSW Steel's crude steel production rose 34% to 453,000 tonnes in October 2009 over October 2008. Production of flat products, used in automobiles, rose 19% to 296,000 tonnes, while long products, used in construction and railway lines, rose 145% to 75,000 tonnes in October 2009 over October 2008.
JSW Steel's net profit rose 42.2% to Rs 451.54 crore on a 6.7% rise in sales to Rs 4553.88 crore in Q2 September 2009 over Q2 September 2008.
Promoters have pledged 3.49 crore shares representing 18.66% of the equity capital of the company. Total promoters shareholding in the company is 45.01% (As on September 2009).