JSW Steel has been declared as the Preferred Bidder vide communication dated 15 February 2020 received from the Director of Mines, Odisha for three iron ore mines (Nuagaon Iron Ore Mine, Narayanposhi Iron & Manganese Ore Mine, Ganua Iron Ore Mine) in the State of Odisha, in the Auctions held by the State Govt. of Odisha on31 January 2020, 01 February 2020 and 4 February 2020, respectively.

The estimated iron ore resources of the aforesaid mines are around 1091.835 million tonnes.

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Shares of JSW Steel were trading 0.21% lower at Rs 288.4 on BSE.

According to media reports, a two-member bench headed by chairman justice S J Mukhopadhaya, said that JSW Steel will be immune from the acts done by the former promoters of BPSL. However, it also said that prosecution against the former promoters under the money laundering act by the Enforcement Directorate can continue. It has also rejected the petitions filed by operational creditors, seeking higher claims.

The bench reportedly said that the EBITDA (earnings before interest, tax, depreciation and amortization) earned by BPSL during its Corporate Insolvency resolution period will be given to JSW Steel.

On 10 October, the Directorate of Enforcement (ED) had attached assets worth over Rs 4,025 crore of debt-ridden BPSL in connection with its money laundering probe linked to an alleged bank loan fraud by its former promoters. JSW Steel, which emerged as the successful resolution applicant with its Rs 19,700 crore bid for BPSL, filed an appeal against the ED's move before the NCLAT. The appellate tribunal had on 14 October directed the ED to immediately release the confiscated assets of BPSL in favour of the resolution professional of the debt-ridden firm.

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). Its consolidated net profit slumped 87% to Rs 211 crore on a 12.1% fall in net sales to Rs 17,416 crore in Q3 December 2019 over Q3 December 2018.

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JSW Steel has reported crude steel production of 14.10 lakh tonnes for January 2020 compared to 14.53 lakh tonnes in January 2019, recoding a decline of 3%.

Production of flat rolled products stood at 10.25 lakh tonnes in January 2020 compared to 10.40 lakh tonnes in January 2019, lower by 1%.

Production of long rolled products stood at 3.42 lakh tonnes in January 2020 compared to 3.44 lakh tonnes in January 2019, lower by 1%.

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JSW Steel Ltd rose for a fifth straight session today. The stock is quoting at Rs 278.35, up 0.69% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.2% on the day, quoting at 12114.25. The Sensex is at 41206.88, down 0.24%. JSW Steel Ltd has added around 6.04% in last one month.

Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has added around 2.69% in last one month and is currently quoting at 2688.75, up 0.15% on the day. The volume in the stock stood at 33.79 lakh shares today, compared to the daily average of 70.29 lakh shares in last one month.

The benchmark February futures contract for the stock is quoting at Rs 279, up 0.81% on the day. JSW Steel Ltd is up 5.9% in last one year as compared to a 10.7% gain in NIFTY and a 1.74% gain in the Nifty Metal index.

The PE of the stock is 9.83 based on TTM earnings ending December 19.

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