JSW Steel surges as it acquires National Steel Holding's stake in NSL Green Recycling

25 Sep 2023 , 11:55 AM

On September 25, when the business declared in a regulatory filing that it had acquired a 50% stake in NSL Green Recycling from National Steel Holding (NSH), JSW Steel shares saw a little increase. According to the statement, the firm also ended its joint venture with NHS.

‘JSW Steel and NSH have entered a share purchase agreement under which JSW Steel would pay Rs 8.92 crore to acquire NSH’s shareholding in the business. The business said that NSL Green Recycling would turn into a fully owned subsidiary of JSW Steel after the acquisition of the interest held by NSH.

JSW Steel’s stock was trading at Rs 776.95 per share at 9.30 am on the NSE, up Rs. 2.90, 0.37%

Through a partnership agreement inked in August 2022, JSW Steel and New Zealand-based NSH established NSL Green Recycling together. The organization, which has yet to begin operations, was meant to help JSW lower its carbon footprint by processing and supplying scrap steel to JSW.

JSW Steel recorded a 10.83% YoY (year-over-year) growth in revenue from operations at Rs 42,213 crore in its results for the April-June quarter. The quarter’s net profit increased 189.39% YoY to Rs 2,428 crore. Operating profit margins increased to 17% for the quarter, up 600 basis points annually.

For feedback and suggestions, write to us at [e-mail]