JSW Steel to consider dividend payment and raising long-term funds during upcoming board meet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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JSW Steel on Wednesday, May 8, said that its board of directors will consider long-term fundraising on May 17, 2024.

Along with the fund raising plans, the board will also consider results for the January-March quarter along with any potential dividend announcement.

The fund raising can be done through various methods but not limited to a QIP, and will be subject to necessary approvals.

Last month, the company in its business update for the March quarter said it had achieved its highest ever annual consolidated crude steel production of 26.43 million tonnes, which was 9% higher than the previous year. JSW Steel’s annual consolidated crude steel production stood at 24.15 million tonnes in financial year 2023.

JSW Steel’s crude steel production for the March quarter stood at 6.79 million tonnes, a 3% increase from the previous fiscal. Capacity utilisation at its Indian operations level stood at 93% during the fourth quarter.

The Indian operations recorded a total output of 6.54 million tonnes in the March quarter, 3% more than the previous year’s 6.37 million tonnes.

JSW Steel shares were trading 0.54% higher at ₹862 apiece. The stock has gained nearly 14% in the past six months.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow