Shares of JSW Steel have surged 10.69% in six days from its previous closing low of Rs 285.2 on 12 October. The counter hit a 52-week high of Rs 318 yesterday, 19 October 2020. The stock is up 138% from its 52-week low of Rs 132.50 recorded on 3 April 2020.

Meanwhile, the Mumbai bench of the National Company Law Tribunal (NCLT) on Monday (19 October) approved JSW Steel to acquire bankrupt steel company Asian Colour Coated Ispat. JSW Steel has offered over Rs 1550 crore for the 1 million tonne steel plant. On 30 June 2019, the committee of creditors accepted JSW's bid through a majority vote. JSW bid includes Rs 1,525 crore payment to financial creditors and Rs 25 crore to operational creditors. The leading lenders of Asian Colour Coated include SBI, Punjab National Bank and JM Financials.

JSW Steel is a flagship company of the JSW Group, an integrated steel manufacturer in India with an installed steel-making capacity of 18 million tonnes per annum (MTPA).

On a consolidated basis, the steel major reported net loss of Rs 582 crore in Q1 June 2020 compared with net profit of Rs 1,008 crore in Q1 June 2019. Net sales slumped 41% to Rs 11,454 crore in Q1 June 2020 over Rs 19,407 crore in Q1 June 2019.

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JSW Steel Ltd rose for a fifth straight session today. The stock is quoting at Rs 316.15, up 1.64% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.81% on the day, quoting at 11857.5. The Sensex is at 40357.03, up 0.94%. JSW Steel Ltd has added around 16.53% in last one month.

Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has added around 5.27% in last one month and is currently quoting at 2329.85, up 1.23% on the day. The volume in the stock stood at 119.22 lakh shares today, compared to the daily average of 90.91 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 316.45, up 1.41% on the day. JSW Steel Ltd is up 43.9% in last one year as compared to a 2.32% gain in NIFTY and a 3.45% gain in the Nifty Metal index.

The PE of the stock is 23.77 based on TTM earnings ending June 20.

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JSW Steel announced that the resolution plan submitted by JSW Steel Coated Products (JSWSCPL), a wholly owned subsidiaryof JSW Steel in respect of the corporate insolvency resolution process of Asian Colour Coated Ispat (ACCIL) (the resolution plan as amended and supplemented, “Resolution Plan”) has been approvedwith certain modifications by the Hon'ble National Company Law Tribunal, New Delhi (“NCLT”) on 19 October 2020.

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JSW Steel Ltd is up for a third straight session today. The stock is quoting at Rs 297.5, up 2.36% on the day as on 12:59 IST on the NSE. The benchmark NIFTY is down around 0.61% on the day, quoting at 11897.9. The Sensex is at 40513.42, down 0.69%. JSW Steel Ltd has gained around 3.07% in last one month.

Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has gained around 4.37% in last one month and is currently quoting at 2251.95, up 1.76% on the day. The volume in the stock stood at 53.68 lakh shares today, compared to the daily average of 81.74 lakh shares in last one month.

The benchmark October futures contract for the stock is quoting at Rs 298.3, up 2.3% on the day. JSW Steel Ltd is up 35.04% in last one year as compared to a 3.78% jump in NIFTY and a 4.05% jump in the Nifty Metal index.

The PE of the stock is 22.22 based on TTM earnings ending June 20.

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