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<ul><li>Metal company stocks were rallying up to 5% today on rising prices of the commodity after crude oil prices hit a two-month high.</li><li>Analysts say rise in input cost due to high crude oil prices and low production capacity at sites have increased the prices of metals, which is good for the company.</li><li>Nifty Metal is the top gainer among sectoral index with 2.6% gains.</li></ul>While the outlook for <a href="https://www.businessinsider.in/business/corporates/news/hindalco-is-a-better-bet-than-tata-steel-because-electric-vehicles-need-aluminium/articleshow/88827641.cms">steel makers remains</a> cloudy, the weakening of the dollar is propping up commodity prices including metals as well as crude oil. When the dollar weakens, the same amount of any commodity costs more in terms of dollars. Therefore, prices increase. And, the stocks of metal companies are mirroring that optimism. Nifty Metal is the top gainer among sectoral index with 2.6% gains. Metal prices are said to be rising because of high crude oil prices and lower production with companies, which is boosting the prices upwards. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metal companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jan 13 change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Steel &amp;Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NMDC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindustan Copper </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">APL Apollo Tubes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.37% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr></tbody></table>(Prices as at 1 p.m) Relation between metal prices and crude oil prices “There are reasons for the rise. One is that metals stocks are always linked to crude oil prices and, right now, they have jumped $84 per barrel, which is probably at a recent high. Usually when crude prices go up, base commodity prices also go up, which is a good thing for metal companies,” said Deven R Choksey, managing director at KR Choksey Investment Managers told Business Insider. Currently, the crude oil prices are at $85 per barrel, trading at a 2-month high after the US oil inventory fell for the seventh straight week to levels last seen in 2018. Note that crude oil is a basic input in the production process and is used to fuel cars and planes for transportation and generate electricity for use in production of goods and services. So any change in the price of oil will impact the costs for the company and hence increase the product price. Another reason for the rise in metal prices is that companies had cut down production in recent weeks because they thought the demand wasn’t strong enough. “Anywhere across the globe particularly Europe production capacities at being pared, they (companies) are not increasing the production be it because of environment issues or covid related restrictions. Many companies have been keeping their production capacity at a lower level, which is resulting in higher prices of the product due to shortage of supply,” added Choksey. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-shareholders-cheer-share-buyback-and-strong-growth/articleshow/88867953.cms">TCS shareholders cheer share buyback and strong growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/wipro-slips-6-on-disappointment-over-poor-than-expected-earnings-performance/articleshow/88870822.cms">Wipro slips 6% on disappointment over poor than expected earnings performance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/swiggy-will-deliver-stuff-on-tvs-motors-electric-scooters-following-footsteps-of-zomato-amazon-and-flipkart/articleshow/88872404.cms">Swiggy will deliver stuff on TVS Motors’ electric scooters</a>

Metals are mirroring the rally in crude oil and the recent output cuts are helping

The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India

<ul><li>At 7:40 am, the SGX Nifty was up 0.33%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start on a higher note on Wednesday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.33%, indicating a green start for Nifty50. The<a href="https://www.businessinsider.in/stock-market/news/sp-500-dow-close-at-record-highs-amid-pfizer-vaccine-rollout-and-stimulus-progress/articleshow/79634398.cms"> US stocks </a>closed at record highs as Congress inched closer to a stimulus compromise and COVID-19 vaccinations began in the UK. The Dow Jones Industrial Average closed 0.35% higher, and the S&amp;P 500 was up 0.28%. These are the stocks to watch out for during the trading session today: ICICI Bank and ICICI Securities ICICI Bank is selling up to 2.21% stake in brokerage arm ICICI Securities through an offer for sale. The floor price for the sale that begins today has been fixed at ₹440 apiece, and it may fetch the bank at least ₹313 crore. The share price of ICICI Bank closed 0.42% lower on Tuesday, whereas ICICI Securities ended 2% higher. JSW Steel JSW Steel reported a 3% growth in its crude steel production to 13.32 lakh tonnes (LT) for November 2020. The company’s output stood at 12.90 LT in the corresponding month last year, the steelmaker said in a statement. The share price of JSW Steel closed 1% lower on Tuesday. TCS The IT services major TCS has launched a new Blockchain-based Digital Bank Guarantee Platform in Israel powered by the Quartz Blockchain solution. Israel’s largest bank, Bank Hapoalim, has signed up as the anchor customer for the platform. The share price of TCS closed 2% higher on Tuesday. Wipro The IT services giant Wipro will give wage hikes to junior employees with effect from January 1. The Bengaluru-based company has also rolled out promotions for high performers in bands up to B3, effective December 1. The share price of Wipro closed 2% higher on Tuesday. AstraZeneca Pharma India A report published in The Lancet, a medical journal, on December 8 confirmed that the Oxford University and AstraZeneca COVID-19 vaccine is safe and highly effective in preventing coronavirus disease. The share price of AstraZeneca Pharma closed 0.29% lower on Tuesday. Pfizer India The US regulator USFDA has released its first scientific evaluation of Pfizer’s Covid-19 vaccine and confirmed that Pfizer’s COVID-19 vaccine has a ‘favourable safety profile.’ The share price of Pfizer India closed 0.33% lower on Tuesday. Hindustan Aeronautics Limited (HAL) ICRA and CARE Ratings have reaffirmed A1+ rating on the Hindustan Aeronautics Limited’s proposed Commercial paper issue of ₹2500 crore. The share price of HAL closed 0.57% lower on Tuesday. Tata Steel S&amp;P has revised the company outlook to ‘stable’ from ‘negative’ and affirms ‘B+’ rating. The share price of Tata Steel closed 0.33% lower on Tuesday. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/bharat-biotech-applies-for-emergency-use-approval-for-its-covid-19-vaccine-covaxin/articleshow/79617391.cms" data-type="tilCustomLink">Bharat Biotech applies for emergency use approval for its COVID-19 vaccine Covaxin</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-vaccine-in-india-expert-panel-to-review-pfizer-serum-and-bharat-biotechs-emergency-use-application-tomorrow/articleshow/79617336.cms" data-type="tilCustomLink">COVID-19 vaccine in India: Expert panel to review Pfizer, Serum and Bharat Biotech's emergency use application tomorrow</a>

Top stocks to watch — ICICI Bank, TCS, Wipro, Tata Steel, Pfizer, JSW Steel, AstraZeneca Pharma, and others

New Delhi, Mar 30 () JSW Group on Monday said it has released 6.57 crore shares of JSW Steel and JSW Energy to repay loan."JSW Group has released 1.09 crore pledged JSW Steel shares worth Rs 165 crore and 5.48 crore pledged shares worth Rs 243 crore of JSW Energy," the Group said in a statement.The USD 14 billion JSW Group has presence in sectors like steel, energy, cement, infrastructure, paints and sports. ABI SHW ANUANU

JSW Group releases 6.57 cr pledged shares to lenders

New Delhi, <keyword id="45609" type="General" weightage="20" keywordseo="JSW-Steel" source="Orion">JSW Steel</keyword> on Friday posted about three-fold jump in net profit at Rs 2,428 crore for June quarter 2023-24 on account of higher income. It had posted Rs 839 crore net profit in the corresponding period of 2022-23, JSW Steel said in a regulatory filing. Total income also rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, it said. Expenses were at Rs 39,030 crore as against Rs 36,977 crore earlier. JSW Steel is the flagship business of diversified JSW Group, which has presence in sectors such as energy, infrastructure, cement, paints, sports, and venture capital. The company's board at its meeting held on Friday appointed Swayam Saurabh as Chief Financial Officer designate, it said.

JSW Steel Q1 2023-24 profit nearly triples to Rs 2,428 cr

<keyword id="45609" type="DOMAIN" weightage="20" keywordseo="jsw-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="jsw steel" meta.entityname="JSW Steel Ltd." meta.entityid="8352" meta.seoname="jsw-steel-ltd">JSW Steel</keyword> on Tuesday said its subsidiary, <keyword id="1708324" type="General" weightage="50" keywordseo="jsw-steel-coated-products" source="Orion">JSW Steel Coated Products</keyword>, has entered into an agreement to acquire 31 per cent stake in startup <keyword id="16229994" type="General" weightage="80" keywordseo="ayena" source="Orion">Ayena</keyword> Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore. According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this investment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business. JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena. The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements. JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the <keyword id="144036" type="General" weightage="50" keywordseo="jsw-group" source="Orion">JSW Group</keyword>. After the merger of <keyword id="13989344" type="DOMAIN" weightage="20" keywordseo="ispat" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ispat" meta.entityname="Heera Ispat Ltd." meta.entityid="3987" meta.seoname="heera-ispat-ltd">ISPAT</keyword> Steel and Jindal <keyword id="16229995" type="General" weightage="50" keywordseo="vijayanagar-steel-limited" source="Orion">Vijayanagar Steel Limited</keyword>, JSW Steel became India's second-largest private-sector steel company. Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website. The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-q3-net-profit-zooms-133-to-2351-crore-on-lower-input-costs/articleshow/97275909.cms">Maruti Suzuki’s Q3 net profit zooms 133% to ₹2,351 crore on lower input costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-network-can-be-misused-for-drug-trafficking-money-laundering-terror-financing-papers-submitted-at-dgps-meet/articleshow/97278524.cms">5G network can be misused for drug trafficking, money laundering, terror financing: Papers submitted at DGPs' meet</a>

JSW Steel arm enters into deal to buy 31% stake in startup Ayena

MUMBAI: Sajjan Jindal-led <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> has entered into a definitive agreement with <keyword id="2478848" type="UNKNOWN" weightage="20" keywordseo="Welspun-Enterprise">Welspun Enterprise</keyword> (WEL), to acquire the entire equity shares held by the latter in Welspun Maxsteel (<keyword id="2478982" type="ORGANIZATION" weightage="20" keywordseo="WMSL">WMSL</keyword>) for an enterprise value of Rs 1,000 crore plus net current assets as of August 31. The move is aimed at achieving the strategic goal to enhance its steel production to 40 MTPA in the next decade from 14.3 MTPA now. The agreement is subject to the relevant regulatory approvals and customary closing conditions. 
 
WMSL has an installed capacity of 0.9 MTPA gas-based DRI plant, with a captive jetty and a captive railway siding and the steel unit is situated in close proximity to JSW’s Dolvi unit, offering complimentary infrastructure and location to augment the current envisaged expansions at Dolvi. “In line with this objective, JSW wishes to acquire the equity shares of WMSL,” said the company in a statement on Monday evening. 
 
Seshagiri Rao, joint MD &amp; group CFO, JSW Steel, said, “This acquisition is value-accretive to JSW Steel due to synergies in supplying surplus pellets to Welspun MaxSteel and use of DRI from WMSL in company’s steel-making operations at Dolvi plant.” 
 
DRI plant is located in Salav village in Raigad district of Maharashtra. The captive jetty has an existing capacity of 2.5 MTPA, which is located at 1.8 km from the plant, while the captive railway siding is located at Roha junction on national Konkan Railway, 35 km from the DRI plant. WMSL also has vacant land of approx. 480 acres, available for future expansions. 
 
The company has surplus pellets in its subsidiary Amba River Coke which will be supplied to WMSL. The cost of production in WMSL is expected to come down due to replacement of significant portion of its bought-out pellets with captive pellets. The DRI produced by WMSL shall initially be used partly by the company’s Dolvi unit, and would be consumed in the entirety post completion of its ongoing expansion to 5 MTPA. 
 <keyword id="85953" type="COMPANY" weightage="20" keywordseo="Ernst-Young">Ernst &amp; Young</keyword> and Luthra &amp; Luthra carried out financial and legal due diligence, respectively, for JSW Steel. 
 
WEL identified WMSL as one of its non-core businesses. So it decided to exit the same. Also, the plant was running below its capacity due to irregular supply of natural gas from contracted suppliers, said WEL in a statement, adding that the transaction will strengthen company’s capabilities by synergizing all resources and reduce net debt liabilities considerably. 
 
JSW Steel shares closed up marginally at Rs 1,277 while shares of WEL closed down 5% at Rs 257 in a firm Mumbai market on Monday. The deal was announced after the closure of market hours on Monday.

JSW Steel To Buy Welspun Maxsteel

The <keyword id="3246313" type="UNKNOWN" weightage="100" keywordseo="steel-industry-of-india">steel industry of India</keyword> is passing through a rough patch these days, and for a strong boost, it has pinned its hope on the minimum import price (MIP) that was announced recently. Knowing that the annual budget plays an important role in the revival of the industry, it expects more relief measures from the upcoming budget, said JSW Steel CMD Sajjan Jindal. 
 
Not only this, the steel sector is also hopeful that the country's economy should grow by 8 to 8.5%, so that the industry can revive and flourish. Jindal was addressing reporters in Mumbai on the sidelines of 'Make in India' Week yesterday. 
 
JSW is a part of the OP Jindal group, and standing at USD 11 billion, it is one of the major players in the steel space in the country. 
 
Talking of the developments so far, the government had imposed an MIP on 173 steel products ranging between USD 341-752 per tonne, which would remain so for a period of six months only. 
 
Jindal also had his two cents to share on the upcoming budget. He said, "It should be a growth-oriented Budget. It has to look at micro factors and ensure how it would be possible to increase country's GDP from existing level of 7-7.5 per cent to 8-8.5 per cent in future." 
 
<a href="http://www.stiavelli.com/wp-content/uploads/2014/02/Steel-Industry-Electric-Motors-Industrial-Fan-Blowers-Stiavelli-FTA-3.jpg">Image source</a>

Steel industry pins hopes on upcoming budget for revival

New Delhi, Feb 24 () JSW Steel on Monday said it has been declared as a preferred bidder for Jajang iron ore block in Odisha.The Sajjan Jindal-led firm has bagged the iron ore mine in the auction of blocks in Odisha. The block holds estimated reserves of 39 million tonne."The company (JSW Steel) has been declared as a preferred bidder vide communication dated February 22, 2020 received from the Director of Mines, Odisha for an iron ore mine (Jajang iron ore block) in the auctions held by the government of Odisha on February 6, 2020," JSW Steel said in a BSE filing.The projected iron ore resource as on March 31, 2020 in this mine as per tender documents is around 39.40 million tonne, it said."The highest final offer price by the company to become a preferred bidder is 110 per cent of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines (IBM) in Odisha from time to time," JSW Steel said.The company will take all requisite steps as per the tender document to obtain the letter of intent.It will also take statutory clearances, execute a Mine Development and Production Agreement (MDPA) and start the mining operations. ABI ANU

JSW Steel declared as preferred bidder for Jajang iron ore block in Odisha

New Delhi, Jan 27 () Shares of JSW Steel on Monday fell by over 4 per cent after the company reported a 88 per cent decline in consolidated net profit for the December 2019 quarter.
 The scrip tanked 3.35 per cent to close at Rs 262.85 on the BSE. During the day, it dropped 5 per cent to Rs 258.35.
 On the NSE, it fell 4.24 per cent to close at Rs 260.35.
 In traded volume terms, 4.64 lakh shares of the company were traded on the BSE and 1.7 crore units exchanged hands on the NSE.
 JSW Steel reported a 88 per cent decline in consolidated net profit to Rs 187 crore for the December 2019 quarter, mainly due to lower net sales realisation that pulled down the revenues.
 The company had reported a profit after tax (PAT) of Rs 1,603 crore in the corresponding quarter of the previous financial year.
 Its consolidated income during the October-December 2019 period was Rs 18,182 crore, registering a fall of 10.6 per cent over the year-ago period.
 "2019, especially the July-September quarter, witnessed an adverse impact of global economic slowdown on the steel industry with the production increasing significantly on one hand and prices falling, on the other hand. Similar trend was seen in the second quarter of 2019-20 in India, which was a major setback for domestic steel manufacturers," the company's Joint MD and Group CFO Seshagiri Rao had told reporters in Mumbai. 
 During the quarter, net sales realisations declined 7 per cent sequentially and 23 per cent year-on-year. 
 



 SUM RUJ
RUJ

JSW Steel shares fall over 4 pc after disappointing Dec qtr results

New Delhi, Feb 17 () The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power &amp; Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power &amp; Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power &amp; Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after its takeover in a bankruptcy auction, from criminal proceedings arising from offences committed by the previous management, the ED argued that immunity is not retrospective in nature and does not cover companies whose resolution plan was approved prior to the law. The bench rejected ED's contention that recent amendments in the Insolvency &amp; Bankruptcy Code (IBC) by the government by inserting section 32A would not apply to JSW retrospectively and said that the ordinance was clarificatory in nature and it was "ex facie evident" that it must be made "applicable retrospectively". The government had in December amended the IBC and inserted Section 32A, which mandates that once management or control of a debt-ridden company changes after the completion of the corporate insolvency resolution process (CIRP), it would not be liable for any offences committed prior to the commencement of the insolvency resolution process. The ED had contended that the new law came into force on December 28, 2019, and it had attached the property of BPSL on October 10, 2019, which was earlier. "We hold that the assets of the corporate debtor (BSPL) of which JSW Steel Ltd is a 'Successful Resolution Applicant' is immune from attachment by the Directorate of Enforcement," said the NCLAT. The government had unequivocally stated that after the completion of CIRP, there cannot be any threat of criminal proceedings against the Corporate Debtor, or attachment or confiscation of its assets by any investigating agency, after approval of the 'Resolution Plan', the NCLAT observed. "Accordingly, it is clear that subsequent promulgation of the Ordinance is merely a clarification in this respect. Therefore, it is ex facie evident that the Ordinance being clarificatory in nature, must be made applicable retrospectively," said the NCLAT. The NCLAT order came over a batch of petition filed against the order passed the Principal Bench of the National Company Law Tribunal (NCLT) on September 5, 2019 approving billionaire Sajjan Jindal-led JSW Steel for a Rs 19,700-crore takeover of BPSL. However, the NCLT had not granted it certain reliefs to JSW related to proceedings against the erstwhile management of BPSL and it was challenged before the NCLAT. Besides, Sanjay Singha former promoter group and some creditors along with the state of Odisha had also approached the appellate tribunal. Allowing, JSW's plea, the NCLAT vacated its stay over the acquisition of BPSL by JSW Steel and upheld the order passed by NCLT with modifications as suggested by it. "The impugned Judgment dated September 5, 2019 passed by the NCLT approving the plan submitted by JSW Steel is approved with aforesaid modification/ clarification as made above. The order of stay of implementation of the plan stands vacated," said the NCLAT while allowing the appeal filed by JSW Steel. Moreover, over the profits earned by BPSL during the insolvency (CIRP EBITDA), the NCLAT said that it should be given to JSW Steel. "We hold that the distribution on the profit made during the 'Corporate Insolvency Resolution Process' should be made in terms of an addendum to the RFP," it added. It also rejected ED submissions that JSW steel is a connected party with the erstwhile Promoter of BPSL as they are shareholders holding 24.09 and 49 per cent equity respectively in a Joint venture company namely Rohne Coal Company and hence "The Directorate of Enforcement (ED) has not been empowered under IBC to decide the question," said the NCLAT adding that JSW Steel has already shared this information in its resolution plan. "Even if the stand taken by the ED is accepted that JSW Steel is a related party of BPSL, the ED cannot decide whether JSW Steel is ineligible under Section 29A or Section 32A (1) (a) which can be determined by the 'Committee of Creditors'/ Adjudicating Authority," it added. The NCLAT also rejected the plea by Sanjay Singhal, which has contended that JSW steel was barred from section 29A and is ineligible to file any resolution plan as it is an associate company, a JV partner and a related party of BPSL. Rejecting it, the NCLAT said, "We find no merit in this appeal. The appeal preferred by Sanjay Singal is dismissed." In its 103-page-long judgment, the NCLAT observed that section 238 of the IBC mandates that insolvency has an overriding effect over anything inconsistent there within any other law. The NCLAT said the ED "failed to show that the Appellant (JSW Steel) does not meet the criteria under Section 32A (1) (b) of the I&amp;B Code". The tribunal also observed that other investigative agencies as the Central Bureau of Investigation and Serious Fraud Investigation Office has not alleged any act of money laundering or other acts against JSW Steel or its management. Bhushan Steel and Power Ltd was dragged to insolvency by lenders led by PNB after the company failed to pay loans within the stipulated time-frame. It had 47,158 crore of admitted claims. BPSL was in the first list of 12 companies by the RBI, against whom the banking regulator had directed banks to file insolvency in the NCLT. It was auctioned to recover Rs 47,158 overdue loans. KRH ANZ MKJ

Bhushan Power & Steel takover: NCLAT gives JSW Steel immunity from criminal investigations

<ul><li>At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian markets. At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50. On Thursday, the US equity markets were closed on the occasion of Thanksgiving. Asian markets are trading in the green this morning — the Shanghai Composite Index was up 0.19%, and the Tokyo Stock Price Index (TOPIX) was up 0.29%. These are the stocks to watch out for during the trading session today: Mahindra &amp; Mahindra Mahindra &amp; Mahindra’s (<keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>) wholly-owned subsidiary, Mahindra Holdings (MHL) has decided to sell its 100% stake of Mahindra First Choice Services (MFCS) and Auto Digitech (ADPL) to TVS Automobile Solutions (TASL). M&amp;M said after the closure of the sale, MHL’s shareholding in MFCS and ADPL would come down to zero, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company. The shares of Mahindra &amp; Mahindra ended 1.26% higher on Thursday. <keyword id="90722" type="CITY" weightage="20" keywordseo="Gillette">Gillette</keyword> The National Anti-Profiteering Authority (NAA) has imposed a fine of over ₹58 crore on Gillette India for not passing on benefits of GST rate cut to the consumers. The authorities have asked to deposit 50% of the profiteered amount in the Central Consumer Welfare Fund and the rest 50% in the Consumer Welfare Fund of the states and UT. The shares of Gillette ended 0.23% higher on Thursday. <keyword id="4379311" type="PERSON" weightage="20" keywordseo="AU-Small-Finance-Bank">AU Small Finance Bank</keyword> AU Small Finance Bank has made a strategic investment of ₹7.70 crores in National Payments Corporation of India (NPCI), wherein 61,320 equity shares at a value of ₹1,256 per share are allocated to the Bank constituting 0.44% shareholding of NPCI. The shares of AU Small Finance Bank ended 1.07% higher on Thursday. <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> JSW Steel is <a href="https://www.business-standard.com/article/news-cm/jsw-steel-to-hike-stake-in-arm-for-rs-35-cr-120112500340_1.html">looking</a> to hike its stake in its subsidiary JSW Vallabh Tinplate for ₹35 crore. The shares of JSW Steel ended 7% higher on Thursday. Tube Investments of India and <keyword id="4243479" type="PERSON" weightage="20" keywordseo="CG-Power">CG Power</keyword> Tube Investments of India acquired a controlling interest in CG Power Industrial Solutions via allotment of equity shares &amp; warrants. The shares of Tube Investments of India ended 4% lower on Thursday, and CG Power was down nearly 2%. Lakshmi Vilas Bank A group of promoters of the ailing Lakshmi Vilas Bank challenged the merger with DBS Bank in the Bombay High Court. However, the court rejected the merger stay plea; the petitions have been placed for hearing on December 14 when the respondents (Reserve Bank of India, LVB and DBS Bank India) shall file their affidavits in reply. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-top-electric-cars-price-from-delhi-mumbai-chennai-bengaluru-kolkata/articleshow/79429631.cms" data-type="tilCustomLink">From Tata Nexon EV and MG ZS EV to Hyundai Kona Electric — here’s how much top electric cars cost in India</a> <a href="https://www.businessinsider.in/science/news/astrazeneca-will-likely-re-test-its-covid-19-vaccine-ceo-says-after-admitting-an-error-in-the-first-trial-that-may-have-skewed-results/articleshow/79434619.cms" data-type="tilCustomLink">AstraZeneca will likely retest its COVID-19 vaccine, CEO says after admitting an error in the first trial that may have skewed results</a>

You Searched For "jsw steel share price" and got 12 results

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Bhushan Power & Steel takover: NCLAT gives JSW Steel immunity from criminal investigations

PTI

Top stocks to watch — M&M, Gillette, AU Small Finance Bank, JSW Steel, CG Power, and others

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