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The Minerals & Metals (M&M) business vertical of Larsen & Toubro (L&T) has secured its largest-ever order in the domestic metals sector – awarded by JSW Steel. According to the company's project classification, the value of the order ranges between Rs 10,000 crore to Rs 15,000 crore.
L&T and JSW Steel share a deep-rooted association built over more than three decades of collaboration in executing complex metallurgical projects. This enduring partnership has consistently contributed to strengthening India's steel production capabilities through scale, technology and operational excellence.
As part of its strategic growth roadmap, JSW Steel is progressing towards expanding its crude steel processing capacity from 35 MTPA to over 50 MTPA by 2031. In line with this vision, L&T's M&M vertical has been entrusted with comprehensive engineering, procurement and installation of critical process facilities, including Blast Furnaces and Steel Melt Shops, across multiple brownfield/greenfield expansions, mainly at JSW sites in Ballari (Karnataka) and Paradip (Odisha).
The board of JSW Steel at its meeting held on 17 April 2026, has approved entering into a Share Subscription and Joint Venture Agreement, with POSCO Co., and POSCO India (together referred to as “POSCO Group”) through which Saffron Resources (Saffron), a wholly owned subsidiary of the Company would become a 50:50 Joint Venture between the Company and POSCO Group.
The proposed joint venture would set up a greenfield 6 MTPA integrated steel plant at Odisha. Saffron possesses 887 acres of land in Odisha (~595 acres freehold land; ~292 acres leasehold land), which may be used to set up the proposed plant.
Production from Indian operations increased 1% quarter-on-quarter to 7.34 MT but declined 1% year-on-year. Capacity utilization for Indian operations, including the ongoing Vijayanagar blast furnace-3 (BF-3) upgrade, was approximately 87% for the quarter and around 96% excluding BF-3 capacity.
JSW Steel’s Salem unit underwent an upgrade with a new ladle furnace and vacuum degasser commissioned in February 2026, raising capacity from one MTPA to 1.15 MTPA. The Vijayanagar BF-3 shutdown, effective since September 2025, impacted production and utilization during FY26.
The company also incorporated production from JSW Sambalpur Steel, formed via a slump sale of Bhushan Power and Steel Ltd's steel business undertaking on March 27, 2026, as part of a joint venture with JFE Steel, Japan.
JSW Steel is the flagship business of the diversified, US$23 billion JSW Group. As one of India’s leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defense, sports, and venture capital.
The company’s consolidated net profit zoomed 198.32% to Rs 2,139 crore in Q3 FY26, compared with Rs 717 crore in the corresponding period last year. Revenue from operations rose 11.14% year-on-year to Rs 45,991 crore in the quarter ended 31 December 2025.
Shares of JSW Steel rose 0.49% to Rs 1,215.70 on the BSE.
JSW Steel Ltd is up for a third straight session in a row. The stock is quoting at Rs 1207.5, up 1.11% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.79% on the day, quoting at 23807.15. The Sensex is at 76773.35, down 1.02%. JSW Steel Ltd has dropped around 0.56% in last one month.
Meanwhile, Nifty Metal index of which JSW Steel Ltd is a constituent, has dropped around 2.82% in last one month and is currently quoting at 12078.95, up 1.03% on the day. The volume in the stock stood at 15.67 lakh shares today, compared to the daily average of 21.84 lakh shares in last one month.
The benchmark April futures contract for the stock is quoting at Rs 1216.5, up 1.64% on the day. JSW Steel Ltd is up 21.94% in last one year as compared to a 4.29% spurt in NIFTY and a 49.4% spurt in the Nifty Metal index.
The PE of the stock is 40.52 based on TTM earnings ending December 25.
Vedanta Ltd gained 1.01% today to trade at Rs 697. The BSE Metal index is up 0.19% to quote at 38302.3. The index is down 3.27 % over last one month. Among the other constituents of the index, Hindalco Industries Ltd increased 0.78% and JSW Steel Ltd added 0.52% on the day. The BSE Metal index went up 43.56 % over last one year compared to the 0.82% surge in benchmark SENSEX.
Vedanta Ltd has lost 3.36% over last one month compared to 3.27% fall in BSE Metal index and 6.57% drop in the SENSEX. On the BSE, 2221 shares were traded in the counter so far compared with average daily volumes of 8.31 lakh shares in the past one month. The stock hit a record high of Rs 770 on 29 Jan 2026. The stock hit a 52-week low of Rs 362.2 on 07 Apr 2025.
JSW Steel reported consolidated Crude Steel production for the month of February'26 at 23.66 lakh tonnes.
Blast Furnace 3 (BF3) at Vijayanagar is under shutdown for upgradation of capacity since September 2025, impacting Crude Steel production at Indian operations level, resulting -1% YoY during February'26. Excluding BF3 production from last year's base, YoY volumes grew ~8% driven by full ramp-up of JVML operations.
The capacity utilisation for Indian operations for the month excluding BF3 capacity was at ~97% and including BF3 capacity was at 88%.
Production at USA Ohio operations was lower due to ramping up of operations after caster upgrades in January 2026 and extreme weather conditions due to winter storm.
The break-up of production is as below: (lakh tonnes)
Feb-26
Feb-25
% Change
23.06
23.32
-1%
0.6
0.75
-20%
23.66
24.07
-2%
The company said that Blast Furnace 3 (BF3) at Vijayanagar has been undergoing a shutdown for capacity upgradation since September 2025, impacting domestic crude steel output and resulting in a 1% YoY decline for Indian operations. Excluding BF3, production volumes grew about 8% YoY, driven by the full ramp-up at JVML operations.
Capacity utilization for Indian operations stood at 97% excluding BF3 and 88% including BF3.
At JSW Steel USA – Ohio, production was lower due to the ramp-up following caster upgrades in January 2026 and extreme winter weather, resulting in a 20% YoY decline.
Overall, Indian operations contributed 23.06 lakh tonnes, Ohio operations 0.60 lakh tonnes, resulting in consolidated output of 23.66 lakh tonnes for the month.
JSW Steel is the flagship business of the diversified, US$ 23 billion JSW Group. As one of India’s leading business houses, JSW Group also has interests in energy, infrastructure, cement, paints, realty, e-platforms, mobility, defence, sports, and venture capital.
Shares of JSW Steel rose 0.67% to Rs 1,201.05 on the BSE.
Barring Pharma index all the sectoral indices on the NSE were traded in red with IT, realty and media shares were top laggards.
At 13:25 IST, the barometer index, the S&P BSE Sensex declined 1125.97 points or 1.34% to 82,172.95. The Nifty 50 index tanked 312.25 points or 1.21% to 25,403.15.
In the broader market, the BSE 150 MidCap Index fell 1.07% and the BSE 250 SmallCap Index dropped 1.26%.
The market breadth was weak. On the BSE, 1,099 shares rose and 2,924 shares fell. A total of 194 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 2.94% to 14.59.
Gainers & Losers:
Hindustan Unilever (up 1%), JSW Steel (up 0.63%), Power Grid Corporation of India (up 0.61%), Sun Pharmaceutical Industries (up 0.58%) and CIpla (up 0.54%) were the major Nifty50 gainers.
Tech Mahindra (down 6.74%), HCL Technologies (down 6.69%), Eternal (down 5.15%), Infosys (down 4.23%) and Tata Consultancy Services (TCS) (down 3.77%) were the major Nifty50 losers.
Stocks in Spotlight:
Silver Touch Technologies declined 1.82%. The company announced that it has been selected by the FSSAI for a strategic digital transformation engagement.
Shilpa Medicare fell 1.82%. The company said that its subsidiary Shilpa Biologicals and SteinCares have entered into a strategic licensing agreement to commercialize a biosimilar across Latin America. Under the agreement, SteinCares will hold exclusive rights to register, commercialize, and distribute the biosimilar across the region while Shilpa Biologicals will complete product development and provide long-term commercial manufacturing from its facility in Dharwad, India.
Brahmaputra Infrastructure hit an upper limit of 5% after it has emerged as the L-1 bidder for a National Highway project awarded by the Ministry of Road Transport & Highways (MoRTH), Government of India.
Larsen & Toubro (L&T) fell 3.69%. The company said its Heavy Civil Infrastructure (HCI) and Heavy Engineering (HE) verticals have jointly secured a ‘significant’ order from the Department of Atomic Energy for the LIGO India Observatory in Maharashtra.
Samvardhana Motherson International shed 0.08%. The company announced that it has launched a manufacturing facility in Sanand, Gujarat, dedicated to producing cutting-edge exterior lighting systems. The facility has been set up under a strategic joint venture with Marelli, namely Marelli Motherson Automotive Lighting India (MMLI). The joint venture strengthens the group’s capabilities in automotive component manufacturing. MMLI is a 50:50 partnership between Samvardhana Motherson International and Marelli Europe S.p.A.
Signpost India rose 0.81%. after securing exclusive outdoor advertising rights from the Kolkata Municipal Corporation under the ‘Kolkata Streetscape Renaissance’ project in a Rs 450-crore, 10-year public-private partnership contract.
Waaree Energies added 2.59% after the company announced that it has received an order to supply 500 MW of solar modules from a renowned domestic solar power developer and independent power producer (IPP).
Global Markets:
European market declined as investors assess the new global trading landscape after U.S. President Donald Trump’s latest tariff move.
Asian markets traded mixed on Tuesday as investors weighed renewed tariff threats from U.S. President Donald Trump and concerns that artificial intelligence could disrupt software companies.
Trump posted on Truth Social Monday that any country that wants to “play games” with the Supreme Court decision “will be met with a much higher tariff.”
The comments followed a Supreme Court decision Friday striking down tariffs enacted under the International Emergency Economic Powers Act. In response, Trump said he would impose a 15% global tariff under Section 122 of the 1974 Trade Act.
Investors in Asia were also assessing China’s loan prime rate (LPR) decision. China’s central bank on Tuesday kept its benchmark lending rates unchanged at 3% for the one-year LPR and 3.5% for the five-year LPR.
Overnight on Wall Street, U.S. equities tumbled on Monday as investors grappled with persistent fears around artificial intelligence disruptions to various industries and President Donald Trump’s decision to raise his global tariffs.
The Dow Jones Industrial Average dropped 821.91 points, or 1.66%, to close at 48,804.06, while the Nasdaq Composite declined 1.13% and ended at 22,627.27. The S&P 500 shed 1.04% and closed at 6,837.75, putting it into the red once again for 2026.
The 30-stock Dow was dragged down by IBM shares, which declined 13% on the heels of Anthropic outlining new programming capabilities for its Claude Code product.
Software stocks such as Microsoft and CrowdStrike were under pressure yet again as AI disruption worries hovered over the market. However, software hasn’t been the only sector to be hit due to AI fears recently: Stocks linked to trucking and logistics, commercial real estate and financial services have similarly suffered losses this month.
JSW Steel reported consolidated Crude Steel production for the month of January'26 at 24.75 Lakh tonnes.
The Crude Steel production at Indian operations level was marginally higher YoY. Blast Furnace 3 (BF3) at Vijayanagar is under shutdown for upgradation of capacity since September 2025 and is expected to be commissioned by end of Q4 FY26. Consequently, this affected the capacity utilisation at Indian operations in January 20206. The capacity utilisation for Indian operations for the quarter excluding BF3 capacity was at ~93% and including BF3 capacity was at 85%.
Production at USA Ohio operations was lower due to scheduled outage for caster upgrades from 15th December 2025 to 11th January 2026.
The break-up of production is as below: (Lakh Tonnes)
Jan-26
Jan-25
24.58
24.52*
-
0.17
0.66
-74%
24.75
25.18