< -5%

-5% to -3%

Gandhar Oil

BPCL

Resgen

-3% to 0%

Chennai Petro

IRM Energy

MRPL

HINDPETRO

0% to 3%

3% to 5%

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, order wins, and appointments, here’s a quick look at which stocks will be in focus in today's trade:

<a href="https://www.moneycontrol.com/markets/earnings/" target="_blank">Quarterly Earnings</a>

<a href="https://www.moneycontrol.com/india/stockpricequote/finance-others/pinelabs/PLL01" target="_blank">Pine Labs</a> Q2 (Consolidated YoY)

Profit stands at Rs 5.97 crore Vs loss of Rs 32 crore

Revenue grows 17.8% to Rs 650 crore Vs Rs 551.6 crore

Stocks to Watch

<a href="https://www.moneycontrol.com/india/stockpricequote/refineries/relianceindustries/RI" target="_blank">Reliance Industries</a>

The company’s subsidiary, Reliance Strategic Business Ventures (RSBVL), announced a partnership with Surrey County Cricket Club in the Oval Invincibles franchise of The Hundred. RSBVL has acquired a 49% shareholding in Oval Invincibles from the England and Wales Cricket Board (ECB) for GBP 60.27 million.

As part of this new partnership, from 2026 onwards both the men’s and women’s teams will be known as MI London.

<a href="https://www.moneycontrol.com/india/stockpricequote/cement-major/jkcement/JKC03" target="_blank">JK Cement</a>

The company has commissioned a 3.3 million tonnes per annum (MnTPA) clinker Line–2 at its Panna plant in Bihar. With this commissioning, the clinker capacity at the Panna plant has increased from 3.30 MnTPA to 6.60 MnTPA.

<a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/railvikasnigam/RVN" target="_blank">Rail Vikas Nigam</a>

The company has received a Letter of Acceptance (LOA) for a work order worth Rs 145.34 crore from Southern Railway. The order involves design, supply, erection, testing, and commissioning of traction substations (Scott Connected) in the Jolarpettai Junction–Salem Junction section of the Salem division of Southern Railway.

<a href="https://www.moneycontrol.com/india/stockpricequote/telecommunications-services/railtelcorporationindia/RCo01" target="_blank">RailTel Corporation of India</a>

The company has received a work order worth Rs 48.78 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

<a href="https://www.moneycontrol.com/india/stockpricequote/consumer-food/mukkaproteins/MPL05" target="_blank">Mukka Proteins</a>

The company’s joint venture with Hardik Gowda and MS Jathin Infra has received a work order worth Rs 474.89 crore from Bengaluru Solid Waste Management. The work involves the treatment and disposal of legacy leachate accumulated at the Mittaganahalli and Kannur landfill sites.

<a href="https://www.moneycontrol.com/india/stockpricequote/electric-equipment/pacedigitek/PDL01" target="_blank">Pace Digitek</a>

The company’s subsidiary, Lineage Power, has received an order worth Rs 99.71 crore from Advait Greenergy for LFP battery energy storage systems and other related equipment.

<a href="https://www.moneycontrol.com/india/stockpricequote/oil-drillingexploration/petronetlng/PLN" target="_blank">Petronet LNG</a>

The company has entered into a 15-year ethane unloading, storage, and handling (USH) services binding term sheet with Oil and Natural Gas Corporation (ONGC).

Petronet is developing ethane USH facilities with an ethane storage tank capacity of approximately 1,70,000 cubic meters at Dahej, Gujarat. As per the agreement, ONGC will reserve a capacity of approximately 600 KTPA at Petronet’s ethane storage and handling facilities at Dahej.

<a href="https://www.moneycontrol.com/india/stockpricequote/oil-drillingexploration/oilnaturalgascorporation/ONG" target="_blank">ONGC</a>

The Ministry of Petroleum &amp; Natural Gas has approved the re-employment of Arun Kumar Singh as Chairman of ONGC on a contract basis for a further period of one year, effective December 7.

<a href="https://www.moneycontrol.com/india/stockpricequote/pharmaceuticals/nectarlifesciences/NL01" target="_blank">Nectar Lifesciences</a>

The Board has approved a share buyback of up to Rs 81 crore at a price of Rs 27 per share. The company has fixed December 24 as the record date for determining the eligibility of shareholders for the buyback.

<a href="https://www.moneycontrol.com/india/stockpricequote/diversified/indianenergyexchange/IEE" target="_blank">Indian Energy Exchange</a>

The company recorded monthly electricity traded volume (excluding TRAS) of 11,409 MU in November, growing 17.7% YoY.

The Day-Ahead Market (DAM) volume grew by 0.3% YoY to 5,668 MU, while the Real-Time Electricity Market (RTM) volume increased 40.2% to 4,233 MU in November.

<a href="https://www.moneycontrol.com/india/stockpricequote/transportlogistics/interglobeaviation/IA04" target="_blank">InterGlobe Aviation</a>

IndiGo said its operations have been significantly disrupted across the network for the past two days.

A multitude of unforeseen operational challenges—including minor technology glitches, schedule adjustments linked to the winter season, adverse weather conditions, increased congestion in the aviation system, and the implementation of updated crew rostering rules (Flight Duty Time Limitations)—had a compounding negative impact on operations.

Bulk Deals

National Highways Infra Trust

Singapore-registered company Nitro Asia Holdings II has bought 19.56 crore units (equivalent to 10.1% of total outstanding units) in National Highways Infra Trust for Rs 2,905.2 crore at Rs 148.53 per unit.

CPP Investment Board Private Holdings (4) Inc. and 2452991 Ontario, which are shareholders in the infrastructure investment trust, each sold 9.78 crore units (5.05% stake) for Rs 1,452.62 crore.

Both CPP Investment Board Private Holdings (4) Inc. and 2452991 Ontario previously held a 25% stake each in the National Highways Infra Trust.

First Water Fund buys 0.4% stake Uflex, from K2 Family Private Trust

<a href="https://www.moneycontrol.com/india/stockpricequote/packaging/uflex/U01" target="_blank">Uflex</a>

First Water Fund has acquired 3 lakh shares (0.4% of paid-up equity) in Uflex, the packaging solutions provider, for Rs 14.31 crore from K2 Family Private Trust. The share transfer took place at a price of Rs 477 per share.

First Water Fund helt a 2.47% stake in Uflex as of September 2025.

Stock Trades Ex-Dividend

Engineers India

Stock Trades Ex-Date for Rights

Patel Engineering

Stock in F&amp;O ban

Sammaan Capital

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

Details of Associate

Receipt of Compensation

Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Stocks to Watch Today: Pine Labs, Rail Vikas Nigam, Mukka Proteins, Pace Digitek, InterGlobe Aviation, RailTel in focus on 4 December

Let's catch up on the latest news from the stock market. From significant investments to major deals, quarterly earnings, order wins, and appointments, here’s a quick look at which stocks will be in focus in today's trade:

Quarterly Earnings

Pine Labs Q2 (Consolidated YoY)

Profit stands at Rs 5.97 crore Vs loss of Rs 32 crore

Revenue grows 17.8% to Rs 650 crore Vs Rs 551.6 crore

Stocks to Watch

Reliance Industries

The company’s subsidiary, Reliance Strategic Business Ventures (RSBVL), announced a partnership with Surrey County Cricket Club in the Oval Invincibles franchise of The Hundred. RSBVL has acquired a 49% shareholding in Oval Invincibles from the England and Wales Cricket Board (ECB) for GBP 60.27 million.

As part of this new partnership, from 2026 onwards both the men’s and women’s teams will be known as MI London.

JK Cement

The company has commissioned a 3.3 million tonnes per annum (MnTPA) clinker Line–2 at its Panna plant in Bihar. With this commissioning, the clinker capacity at the Panna plant has increased from 3.30 MnTPA to 6.60 MnTPA.

Rail Vikas Nigam

The company has received a Letter of Acceptance (LOA) for a work order worth Rs 145.34 crore from Southern Railway. The order involves design, supply, erection, testing, and commissioning of traction substations (Scott Connected) in the Jolarpettai Junction–Salem Junction section of the Salem division of Southern Railway.

RailTel Corporation of India

The company has received a work order worth Rs 48.78 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

Mukka Proteins

The company’s joint venture with Hardik Gowda and MS Jathin Infra has received a work order worth Rs 474.89 crore from Bengaluru Solid Waste Management. The work involves the treatment and disposal of legacy leachate accumulated at the Mittaganahalli and Kannur landfill sites.

Pace Digitek

The company’s subsidiary, Lineage Power, has received an order worth Rs 99.71 crore from Advait Greenergy for LFP battery energy storage systems and other related equipment.

Petronet LNG

The company has entered into a 15-year ethane unloading, storage, and handling (USH) services binding term sheet with Oil and Natural Gas Corporation (ONGC).

Petronet is developing ethane USH facilities with an ethane storage tank capacity of approximately 1,70,000 cubic meters at Dahej, Gujarat. As per the agreement, ONGC will reserve a capacity of approximately 600 KTPA at Petronet’s ethane storage and handling facilities at Dahej.

ONGC

The Ministry of Petroleum &amp;amp; Natural Gas has approved the re-employment of Arun Kumar Singh as Chairman of ONGC on a contract basis for a further period of one year, effective December 7.

Nectar Lifesciences

The Board has approved a share buyback of up to Rs 81 crore at a price of Rs 27 per share. The company has fixed December 24 as the record date for determining the eligibility of shareholders for the buyback.

Indian Energy Exchange

The company recorded monthly electricity traded volume (excluding TRAS) of 11,409 MU in November, growing 17.7% YoY.

The Day-Ahead Market (DAM) volume grew by 0.3% YoY to 5,668 MU, while the Real-Time Electricity Market (RTM) volume increased 40.2% to 4,233 MU in November.

InterGlobe Aviation

IndiGo said its operations have been significantly disrupted across the network for the past two days.

A multitude of unforeseen operational challenges—including minor technology glitches, schedule adjustments linked to the winter season, adverse weather conditions, increased congestion in the aviation system, and the implementation of updated crew rostering rules (Flight Duty Time Limitations)—had a compounding negative impact on operations.

Bulk Deals

National Highways Infra Trust

Singapore-registered company Nitro Asia Holdings II has bought 19.56 crore units (equivalent to 10.1% of total outstanding units) in National Highways Infra Trust for Rs 2,905.2 crore at Rs 148.53 per unit.

CPP Investment Board Private Holdings (4) Inc. and 2452991 Ontario, which are shareholders in the infrastructure investment trust, each sold 9.78 crore units (5.05% stake) for Rs 1,452.62 crore.

Both CPP Investment Board Private Holdings (4) Inc. and 2452991 Ontario previously held a 25% stake each in the National Highways Infra Trust.

First Water Fund buys 0.4% stake Uflex, from K2 Family Private Trust

Uflex

First Water Fund has acquired 3 lakh shares (0.4% of paid-up equity) in Uflex, the packaging solutions provider, for Rs 14.31 crore from K2 Family Private Trust. The share transfer took place at a price of Rs 477 per share.

First Water Fund helt a 2.47% stake in Uflex as of September 2025.

Stock Trades Ex-Dividend

Engineers India

Stock Trades Ex-Date for Rights

Patel Engineering

Stock in F&amp;amp;O ban

Sammaan Capital

Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Singapore-registered company Nitro Asia Holdings has picked up over 10 percent stake in National Highways Infra Trust via open market transactions on December 3.

National Highways Infra Trust units price increased by 1.53 percent on Wednesday to close at Rs 149.75 on the NSE.

Nitro Asia Holdings II has bought 19.56 crore units (equivalent to 10.1 percent of total outstanding units) in the infrastructure investment trust for Rs 2,905.2 crore. The buying price for the units was Rs 148.53 per unit.

The National Highways Infra Trust was set up by the National Highways Authority of India in October 2020 to invest in national highway projects. National Highways Infra Investment Managers is the investment manager to the infrastructure investment trust.

CPP Investment Board Private Holdings (4) Inc, and 2452991 Ontario, which are the shareholders in the infrastructure investment trust, each sold 9.78 crore units (5.05 percent stake) for Rs 1,452.62 crore.

CPP Investment Board Private Holdings (4) Inc, and 2452991 Ontario each held 25 percent stake in National Highways Infra Trust.

Meanwhile, First Water Fund has bought 3 lakh shares (0.4 percent of paid-up equity) in <a href="https://www.moneycontrol.com/india/stockpricequote/packaging/uflex/U01">Uflex</a>, the packaging solutions provider, for Rs 14.31 crore, from K2 Family Private Trust. The exchange of shares has taken place at a price of Rs 477 per share.

First Water Fund is the shareholder in Uflex with 2.47 percent stake as of September 2025. The stock has been under pressure, despite intermittent small buying interest, since May 2025, falling 0.83 percent on Wednesday to Rs 477.45.

<a href="https://www.moneycontrol.com/india/stockpricequote/banks-private-sector/karnatakabank/KB04">Karnataka Bank</a> was also in focus, which has been consolidating for the last six consecutive sessions especially after sharp rally in previous three days, declining 0.15 percent to Rs 211.61. Aditya Kumar Halwasiya has net bought 21 lakh shares in the bank at Rs 205.6 per share, for Rs 43.17 crore.

Nitro Asia Holdings picks over 10% stake in National Highways Infra Trust

Singapore-registered company Nitro Asia Holdings has picked up over 10 percent stake in National Highways Infra Trust via open market transactions on December 3.

National Highways Infra Trust units price increased by 1.53 percent on Wednesday to close at Rs 149.75 on the NSE.

Nitro Asia Holdings II has bought 19.56 crore units (equivalent to 10.1 percent of total outstanding units) in the infrastructure investment trust for Rs 2,905.2 crore. The buying price for the units was Rs 148.53 per unit.

The National Highways Infra Trust was set up by the National Highways Authority of India in October 2020 to invest in national highway projects. National Highways Infra Investment Managers is the investment manager to the infrastructure investment trust.

CPP Investment Board Private Holdings (4) Inc, and 2452991 Ontario, which are the shareholders in the infrastructure investment trust, each sold 9.78 crore units (5.05 percent stake) for Rs 1,452.62 crore.

CPP Investment Board Private Holdings (4) Inc, and 2452991 Ontario each held 25 percent stake in National Highways Infra Trust.

Meanwhile, First Water Fund has bought 3 lakh shares (0.4 percent of paid-up equity) in Uflex, the packaging solutions provider, for Rs 14.31 crore, from K2 Family Private Trust. The exchange of shares has taken place at a price of Rs 477 per share.

First Water Fund is the shareholder in Uflex with 2.47 percent stake as of September 2025. The stock has been under pressure, despite intermittent small buying interest, since May 2025, falling 0.83 percent on Wednesday to Rs 477.45.

Karnataka Bank was also in focus, which has been consolidating for the last six consecutive sessions especially after sharp rally in previous three days, declining 0.15 percent to Rs 211.61. Aditya Kumar Halwasiya has net bought 21 lakh shares in the bank at Rs 205.6 per share, for Rs 43.17 crore.

IndiGo shares settled nearly 2 percent lower on Wednesday as the airline grappled with widespread flight delays and cancellations triggered by tech and operational issues.

Shares of <a href="https://www.moneycontrol.com/india/stockpricequote/transportlogistics/interglobeaviation/IA04">InterGlobe Aviation</a>, the parent of IndiGo, ended 1.73 percent down at Rs 5,599 on the NSE.

The stock came under pressure after disruptions at Hyderabad Airport, where the carrier cancelled 13 outbound flights to cities including Delhi and Bengaluru. Airport authorities said some IndiGo services were affected due to airline-related technology and operational problems, leading to delays and cancellations.

According to sources, the airline also cancelled 18 incoming flights on Wednesday, while nine flights were grounded on Tuesday. Several IndiGo flights across airports were delayed as the carrier struggled to deploy adequate crew.

Acknowledging the disruptions, an IndiGo spokesperson said the airline had faced “several unavoidable flight delays and some cancellations in the past few days due to various reasons including technology issues, airport congestion, and operational requirements.” The Hyderabad airport, in a post on X, issued a similar statement on the impact to IndiGo services.

Sources said IndiGo cancelled more than 70 flights on Wednesday, including services from Bengaluru and Mumbai, mainly due to crew shortages. “IndiGo has been facing acute crew shortage since the implementation of the second phase of the FDTL norms, leading to cancellations and huge delays in its operations across the airports,” one source said.

The latest flight duty time limitation norms mandate longer weekly rest periods of 48 hours, extend night-time definitions, and cap night landings at two instead of six. Domestic carriers, including IndiGo and Air India, had initially opposed the changes, but the DGCA notified them after a Delhi High Court directive. The rollout has been staggered, with some variations for different airlines.

The first phase of the norms took effect in July, while the second phase, including the reduced night-landing limit, was implemented from November 1. The regulations were originally slated for March 2024, but airlines sought a phased introduction citing the need for additional crew.

IndiGo, based in Gurugram, operates about 2,100 domestic and international flights daily, a large portion of them during night hours.

(PTI Inputs) 

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

IndiGo shares settle 2% lower as airline faces flight delays over tech issues

IndiGo shares settled nearly 2 percent lower on Wednesday as the airline grappled with widespread flight delays and cancellations triggered by tech and operational issues.

Shares of InterGlobe Aviation, the parent of IndiGo, ended 1.73 percent down at Rs 5,599 on the NSE.

The stock came under pressure after disruptions at Hyderabad Airport, where the carrier cancelled 13 outbound flights to cities including Delhi and Bengaluru. Airport authorities said some IndiGo services were affected due to airline-related technology and operational problems, leading to delays and cancellations.

According to sources, the airline also cancelled 18 incoming flights on Wednesday, while nine flights were grounded on Tuesday. Several IndiGo flights across airports were delayed as the carrier struggled to deploy adequate crew.

Acknowledging the disruptions, an IndiGo spokesperson said the airline had faced “several unavoidable flight delays and some cancellations in the past few days due to various reasons including technology issues, airport congestion, and operational requirements.” The Hyderabad airport, in a post on X, issued a similar statement on the impact to IndiGo services.

Sources said IndiGo cancelled more than 70 flights on Wednesday, including services from Bengaluru and Mumbai, mainly due to crew shortages. “IndiGo has been facing acute crew shortage since the implementation of the second phase of the FDTL norms, leading to cancellations and huge delays in its operations across the airports,” one source said.

The latest flight duty time limitation norms mandate longer weekly rest periods of 48 hours, extend night-time definitions, and cap night landings at two instead of six. Domestic carriers, including IndiGo and Air India, had initially opposed the changes, but the DGCA notified them after a Delhi High Court directive. The rollout has been staggered, with some variations for different airlines.

The first phase of the norms took effect in July, while the second phase, including the reduced night-landing limit, was implemented from November 1. The regulations were originally slated for March 2024, but airlines sought a phased introduction citing the need for additional crew.

IndiGo, based in Gurugram, operates about 2,100 domestic and international flights daily, a large portion of them during night hours.

(PTI Inputs) 

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Citi ranked <a href="https://www.moneycontrol.com/india/stockpricequote/refineries/relianceindustries/RI">Reliance Industries</a> Ltd (RIL) as its top oil and gas pick, maintaining its 'Buy' rating on the stock and raising its target price by 17 percent.

The investment bank raised its target price for RIL stock to Rs 1,805 from Rs 1,548.50 on December 3. The shares of the Mukesh Ambani-led company fell 0.47 percent to Rs 1,539.10 on December 3.

Citi cited a higher valuation for Jio as a reason for its bullish call, implying an increase in its enterprise value to $145 billion from $135 billion. It also accounted for an addition of Rs 63 per share to its target price for the stock, based on RIL’s 84 percent stake in Reliance Consumer Products after completion of its demerger from Reliance Retail Ventures.
<h3>RIL share price history:</h3>
RIL shares rose nearly 4 percent in the past month and over 9.5 percent in the past six months. It gained more than 26 percent in 2025 so far.

After hitting a 52-week low of Rs 1,114.85 in April this year, the stock gained nearly 42 percent in around seven months to hit a 52-week high of Rs 1,581.3 last month.

India's most valuable company currently has a market capitalisation of around Rs 20.83 lakh crore.
<h3>Jefferies on RIL:</h3>
Earlier last week, <a href="https://www.moneycontrol.com/news/business/stocks/reliance-industries-share-price-hits-fresh-52-week-high-as-jefferies-reiterates-buy-check-target-price-upside-13700818.html">Jefferies reiterated its bullish view</a> on the conglomerate, citing strong momentum across all major businesses and multiple catalysts expected in 2026. The international brokerage kept a 'Buy' call on the stock, with a target price of Rs 1,785 per share. This implies an upside potential of more than 15 percent from the stock's previous closing price.

The brokerage note said that all three of Reliance's core businesses - digital services, retail and oil-to-chemicals - are delivering double-digit growth from the start of FY26. The brokerage added that Jio’s impending IPO could prompt tariff intervention in the near term, potentially supporting further upside in the telecom segment.
<h3>JPMorgan on RIL:</h3>
Last month, <a href="https://www.moneycontrol.com/news/business/stocks/reliance-industries-share-price-up-1-5-hits-new-52-week-high-as-jp-morgan-turns-more-bullish-on-2026-outlook-13694440.html">JPMorgan reiterated its 'Overweight'</a> rating for RIL shares, highlighted a stronger earnings outlook heading into 2026. JPMorgan kept a share price target of Rs 1,727 on Reliance Industries stock, implying nearly 12 percent upside from the previous closing price

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Citi sees up to 17% upside for Reliance Industries stock; bank cites these triggers

Citi ranked Reliance Industries Ltd (RIL) as its top oil and gas pick, maintaining its 'Buy' rating on the stock and raising its target price by 17 percent.

The investment bank raised its target price for RIL stock to Rs 1,805 from Rs 1,548.50 on December 3. The shares of the Mukesh Ambani-led company fell 0.47 percent to Rs 1,539.10 on December 3.

Citi cited a higher valuation for Jio as a reason for its bullish call, implying an increase in its enterprise value to $145 billion from $135 billion. It also accounted for an addition of Rs 63 per share to its target price for the stock, based on RIL’s 84 percent stake in Reliance Consumer Products after completion of its demerger from Reliance Retail Ventures.
RIL share price history:
RIL shares rose nearly 4 percent in the past month and over 9.5 percent in the past six months. It gained more than 26 percent in 2025 so far.

After hitting a 52-week low of Rs 1,114.85 in April this year, the stock gained nearly 42 percent in around seven months to hit a 52-week high of Rs 1,581.3 last month.

India's most valuable company currently has a market capitalisation of around Rs 20.83 lakh crore.
Jefferies on RIL:
Earlier last week, Jefferies reiterated its bullish view on the conglomerate, citing strong momentum across all major businesses and multiple catalysts expected in 2026. The international brokerage kept a 'Buy' call on the stock, with a target price of Rs 1,785 per share. This implies an upside potential of more than 15 percent from the stock's previous closing price.

The brokerage note said that all three of Reliance's core businesses - digital services, retail and oil-to-chemicals - are delivering double-digit growth from the start of FY26. The brokerage added that Jio’s impending IPO could prompt tariff intervention in the near term, potentially supporting further upside in the telecom segment.
JPMorgan on RIL:
Last month, JPMorgan reiterated its 'Overweight' rating for RIL shares, highlighted a stronger earnings outlook heading into 2026. JPMorgan kept a share price target of Rs 1,727 on Reliance Industries stock, implying nearly 12 percent upside from the previous closing price

(With inputs from Reuters)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

<a href="https://www.moneycontrol.com/india/stockpricequote/steel-large/jswsteel/JSW01">JSW Steel</a> shares fell 1.5% on December 3 after JFE Steel announced that it will form 50:50 joint venture with JSW Steel for transfer of Bhushan Power &amp; Steel integrated steel facility.

JFE will invest Rs 15,750 crore (270 billion yen) in JV for transfer of BPSL integrated steel facility. JFE Steel said the JV with JSW plans to expand crude steel production at the integrated steelworks to 10 millions tons by 2030.

JSW had acquired Bhushan Power &amp; Steel (BPSL) in 2021 through an IBC process. "What was a 2.75 mtpa sick unit now stands proud as a profitable company with an enhanced capacity of 4.5 mtpa, employing 25,000 people," the company said.

Through this transaction, JSW will monetise part of its holding in BPSL, in order to accelerate the growth of the company, the firm said. "While doing so, the Company will bring in JFE, a trusted, long‐term strategic partner that will bring in technological expertise, and along with JSW Steel’s capability of project execution and operational excellence, will create further value for the joint venture. JSW shall continue to remain invested in, and will participate in the future value creation in the joint venture," it added.

The cash proceeds received from the transaction will strengthen the company's balance sheet even further and provide a clear runway for growth that will create
significant value for its stakeholders, it said.

JFE Steel held a <a href="https://www.moneycontrol.com/news/business/jsw-steel-may-sell-up-to-50-stake-in-bhushan-power-cnbc-tv18-13670052.html">15% stake in JSW Steel</a> at the end of the September quarter.

Speaking about the development, JSW Steel CEO &amp; MD Jayant Acharya said, "We are delighted to announce this strategic Joint Venture with JFE Steel for our BPSL business undertaking. JFE has been a trusted partner for JSW Steel since 2009, and the relationship has strengthened over the years as both companies have collaborated on numerous initiatives. Today’s announcement brings together JSW’s expertise in India with JFE’s technological strengths, and will enable the joint venture to realise its growth potential and produce a variety of value‐added steels. India is the fastest growing major economy as well as steel market in the world, and this transaction enables JSW to accelerate its growth in a financially prudent manner, and create further value for its stakeholders."

JFE Steel Corporation President and CEO Masayuki Hirose meanwhile said, "Since we signed the strategic comprehensive alliance agreement with JSW in 2009, we have engaged in various collaborations and partnerships including capital participation;  licensing of manufacturing technology for automotive steel and non‐oriented electrical steel sheets; and a joint venture for the manufacturing of grain‐oriented electrical steel sheet. Our relationship is now entering a new phase. I am confident that by leveraging our technological strengths and jointly operating an integrated steel plant in India with JSW, we will not only contribute to the further growth of both companies but also make a significant contribution to the development of the Indian steel industry."

JSW Steel shares closed 1.55 percent lower at Rs 1,144 apiece on December 3.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-sensex-nifty-50-share-price-gift-nifty-latest-updates-03-12-2025-liveblog-13707533.html">LIVE updates</a> from the stock markets here.

JSW Steel shares fall 1.5% as firm to move Bhushan Power's steel biz into JV with Japan's JFE Steel

JSW Steel shares fell 1.5% on December 3 after JFE Steel announced that it will form 50:50 joint venture with JSW Steel for transfer of Bhushan Power &amp;amp; Steel integrated steel facility.

JFE will invest Rs 15,750 crore (270 billion yen) in JV for transfer of BPSL integrated steel facility. JFE Steel said the JV with JSW plans to expand crude steel production at the integrated steelworks to 10 millions tons by 2030.

JSW had acquired Bhushan Power &amp;amp; Steel (BPSL) in 2021 through an IBC process. &quot;What was a 2.75 mtpa sick unit now stands proud as a profitable company with an enhanced capacity of 4.5 mtpa, employing 25,000 people,&quot; the company said.

Through this transaction, JSW will monetise part of its holding in BPSL, in order to accelerate the growth of the company, the firm said. &quot;While doing so, the Company will bring in JFE, a trusted, long‐term strategic partner that will bring in technological expertise, and along with JSW Steel’s capability of project execution and operational excellence, will create further value for the joint venture. JSW shall continue to remain invested in, and will participate in the future value creation in the joint venture,&quot; it added.

The cash proceeds received from the transaction will strengthen the company's balance sheet even further and provide a clear runway for growth that will create
significant value for its stakeholders, it said.

JFE Steel held a 15% stake in JSW Steel at the end of the September quarter.

Speaking about the development, JSW Steel CEO &amp;amp; MD Jayant Acharya said, &quot;We are delighted to announce this strategic Joint Venture with JFE Steel for our BPSL business undertaking. JFE has been a trusted partner for JSW Steel since 2009, and the relationship has strengthened over the years as both companies have collaborated on numerous initiatives. Today’s announcement brings together JSW’s expertise in India with JFE’s technological strengths, and will enable the joint venture to realise its growth potential and produce a variety of value‐added steels. India is the fastest growing major economy as well as steel market in the world, and this transaction enables JSW to accelerate its growth in a financially prudent manner, and create further value for its stakeholders.&quot;

JFE Steel Corporation President and CEO Masayuki Hirose meanwhile said, &quot;Since we signed the strategic comprehensive alliance agreement with JSW in 2009, we have engaged in various collaborations and partnerships including capital participation;  licensing of manufacturing technology for automotive steel and non‐oriented electrical steel sheets; and a joint venture for the manufacturing of grain‐oriented electrical steel sheet. Our relationship is now entering a new phase. I am confident that by leveraging our technological strengths and jointly operating an integrated steel plant in India with JSW, we will not only contribute to the further growth of both companies but also make a significant contribution to the development of the Indian steel industry.&quot;

JSW Steel shares closed 1.55 percent lower at Rs 1,144 apiece on December 3.

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Check latest stock performance, list of stocks, earnings review & more details about the Refineries industry stocks.