JSW Steel Ltd (JSTL.NS)
7 Mar 2014
|Market Cap (Mil.):||Rs227,424.20|
|Shares Outstanding (Mil.):||241.72|
SINGAPORE - A new Indian export tax on iron ore pellets is weighing on the sale of the local assets of indebted British steel trader Stemcor, with at least one bidder saying the deal was now less lucrative than they had initially expected.
* Shares in India's JSW Steel Ltd gain 1 percent, adding to a surge of 4 percent on Monday after key shareholders raised their stakes in the company, dealers say. * The company on Monday informed the exchanges that promoter group companies JSW Investments Pvt Ltd and JSW Centre raised their stakes in JSW Steel to 5.03 percent from 4.92 percent and to 5.12 percent from 5.03 percent respectively last week. * The stake purchases are seen as signalling promoter confidence in the company and its valu
NEW DELHI - JSW Steel Ltd said its 10 million-tonne-per-year plant in Karnataka will not operate at more than 80 percent capacity in the near future as mining restrictions have stifled the supply of iron ore, a key feedstock.
NEW DELHI, Dec 18 - India's JSW Steel Ltd said its 10 million-tonne-per-year plant in Karnataka state will not operate at more than 80 percent capacity in the near future as mining restrictions have stifled the supply of iron ore, a key feedstock.
Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Abhiram Nandakumar in Bangalore)
Reuters Market Eye - BNP Paribas downgrades JSW Steel Ltd to "reduce" from "hold", citing expensive valuations after recent outperformance due to a delay in the U.S. Federal Reserve's tapering of monetary stimulus in September.
* J.P. Morgan upgrades India's JSW Steel Ltd to "overweight" from "neutral" and raises its target price to 850 rupees ($13.44) from 720, citing rupee boost to export earnings followed by margin expansion from new projects. * The investment bank says JSW is a key beneficiary of a weaker rupee and expects exports to be around 25 percent of the company's total sales in FY14. * Domestic cost pressures have peaked out, while iron ore availability should improve gradually, allowing higher utilisation