JSW Steel joint venture with Toshiba Corp for steam turbines and generators

JSW Steel entering into joint venture with Toshiba Corp for manufacturing and marketing steam turbines and generators in India.

The stock hit a high of Rs 909 and a low of Rs 872 so far during the day. The stock had a 52-week high of Rs 1389.70 on 13 December 2007 and a 52-week low of Rs 506.20 on 23 August 2007.

The company’s current equity is Rs 187.05 crore. Face value per share is Rs 10.

The current price of Rs 878.80 discounts its Q4 March 2008 annualised EPS of Rs 98.58, by a

PE multiple of 8.91.

The two companies JSW Steel and Toshiba Corp will jointly invest $250 million in the joint venture project, which will commence manufacturing operations by September 2009, JSW Steel said. Toshiba Corp will hold 75% of stake in the joint venture and the remaining by JSW group companies – JSW Steel and JSW Energy, it added.

JSW Steel’s net profit rose 11.6% to Rs 461 crore on 68.5% rise in net sales to Rs 4189.81 crore in Q4 March 2008 over Q4 March 2007.

JSW Steel is part of the O P Jindal Group with interests in mining, carbon steel, power and oxygen.