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JSW Steel Ltd rose for a fifth straight session today. The stock is quoting at Rs 796, up 0.35% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.18% on the day, quoting at 20059.8. The Sensex is at 66768.09, down 0.2%. JSW Steel Ltd has added around 8.1% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has added around 8.54% in last one month and is currently quoting at 7016.4, down 0.18% on the day. The volume in the stock stood at 9.09 lakh shares today, compared to the daily average of 16.53 lakh shares in last one month.
The benchmark November futures contract for the stock is quoting at Rs 797, up 0.28% on the day. JSW Steel Ltd is up 6.66% in last one year as compared to a 6.63% gain in NIFTY and a 5.08% gain in the Nifty Metal index.
The PE of the stock is 22.65 based on TTM earnings ending September 23.
JSW Steel said that it has decided to withdraw its application for the final mine closure plan of the Jajang iron ore block submitted before the Indian Bureau of Mines.
In September, JSW Steel had submitted a notice for the surrender of the mining lease pertaining to the Jajang Iron Ore Block, situated in the Keonjhar district of Odisha. It was among the four iron ore mining leases the company acquired in 2020.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
The iron & steel giant reported a consolidated net profit of Rs 2,760 crore in Q2 FY24 as against a net loss of Rs 848 crore posted in Q2 FY23. Revenue from operations grew 6.72% year on year (YoY) to Rs 44,584 crore in the quarter ended 30 September 2023.
Shares of JSW Steel rose 0.23% to Rs 771.00 on the BSE.