JINDALSTEL.NSE

Jindal Steel Ltd.

New Delhi / Angul (Odisha) [India], March 24: Jindal Steel has completed its 6 MTPA expansion at its Angul Integrated Steel Complex in Odisha by commissioning the third Basic Oxygen Furnace (BOF-3) of 3 MTPA, taking the plant's total crude steel capacity to 12 MTPA--positioning it among India's largest single-location integrated steel complexes.

With this expansion, Angul has become one of the largest single-location steel plants in India, taking Jindal Steel's overall capacity to 15.6 million tonnes per annum (MTPA).

Indian shares extended gains on Tuesday, lifted by metals and a rebound in auto stocks after a recent slide, though worries over high crude prices capped gains. The Nifty 50 rose 0.74% to 23,581.15, while the BSE Sensex gained 0.75% to 76,070.84. The bourses are up 1.9% and 2% in two sessions this week after confirming a technical correction last week. “Buying has resurfaced this week after the correction, as broader valuations have become more reasonable and value has started emerging in select pockets,” said Rakesh Pujara, founder and managing partner at Compounding Wealth Advisors. The U.S.-Israeli war on Iran is in its third week. Brent crude hovered around $103 per barrel with the Strait of Hormuz mostly shut and U.S. allies refusing to send warships to help tankers navigate the key chokepoint that handles about 20% of global oil supplies. “The handbrake on the market is higher crude prices and till the Middle East crisis eases, foreign selling is likely to continue,” Pujara said.

Senior officials at Thyssenkrupp AG are increasingly doubtful that a potential deal to sell the company’s steel division to India’s Jindal Steel International can be agreed, people familiar with the matter said.