Shares of JSW Holdings Limited opened their trading hour on Friday at Rs 5,198.95 and currently trade at Rs 5,175. The stock witnessed an intra-day high of Rs 5,296.90 indicating a gain of around 6 percent compared to the previous closing levels of Rs 5,011.30 apiece.
The company’s shares were on the rise today post a media release announcing a strategic Joint Venture between SAIC Motor, a global Fortune 500 company, and JSW Group.
The President of SAIC Wang Xiaoqiu and JSW Group’s Parth Jindal signed a shareholder agreement and share purchase & share subscription agreement at the MG Office in London with the main objective being the acceleration, transformation, and growth of MG Motor in India.
According to the agreement, JSW group will hold 35 percent in the Indian JV operations. SAIC will continue supporting the joint venture with advanced technological requirements and products to deliver extraordinary mobility solutions.
“The joint venture paves the way for bringing world-class technology-enabled futuristics suite of automobile products including the new generation of intelligent connected NEVs and ICE vehicles.”, commented Mr. Parth Jindal, Managing Director of Jsw Cement And Jsw Paints.
Coming onto the recent quarterly financials, the company has reported a stellar performance with an increase in operating revenues as well as after-tax profits.
The former rose from Rs 26.12 crores during Q1FY23-24 to Rs 89.16 crores during Q2FY23-24, and, the latter, during the same period, shifted up from Rs 17.22 crores to Rs 63.79 crores.
As per the shareholding pattern data available for the September 2023 quarter, the company’s Promoters hold a 66.29 percent stake, and the Foreign Institutional Investors (FIIs) hold a considerable stake of 22.35 percent in the company.
JSW Holdings Limited is a core investment company based in India that is primarily engaged in the business of investing and financing by way of subscribing to the shares of group companies, granting loans, and many other modes.
Written by Amit Madnani
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