CARE has upgraded the long-term rating to "CARE AA; (Stable)" from "CARE AA-; (Stable)" while it has reaffirmed short term ratings to CARE A1+, for bank facilities, non-convertible debenture programme and commercial paper programme of JSW Steel Ltd.
The revision in ratings of the bank facilities and instruments of JSWSL factors in continuous improvement in the operational and financial performance of the company marked by increase in capacity utilization levels in FYlB (refers to period April 01 to March 31) and QlFY19 (refers to period April 01 to June 30) owing to improved demand-supply scenario as well as increased steel prices in the domestic as well as international markets. The revision in the ratings also factors in the recent successful acquisition of Indian stressed steel making asset i.e. Monnet Ispat and Energy Limited as a consortium partner with AION Investments, acquisition of Italy based steel assets i.e. Aferpi S.p.A, Piombino Logistics S.p.A and GSI Lucchini S.p.A and acquisition of Ohio, USA based steel asset of Acero Junction Holding Inc., which will help the company to widen its footprint in domestic as well as international geographies.
Shares of JSW STEEL LTD. was last trading in BSE at Rs.370.4 as compared to the previous close of Rs. 375.25. The total number of shares traded during the day was 340725 in over 3162 trades.
The stock hit an intraday high of Rs. 381.45 and intraday low of 363.7. The net turnover during the day was Rs. 126532894.