17.66 MT iron ore: This iron & steel company declared the preferred bidder by Department of Mines and Geology!

The stock gave multibagger returns of 170 per cent in 3 years and over 900 per cent in a decade.

JSW Steel Ltd informed that the company has been declared as a “Preferred Bidder” from the Office of the Director, Department of Mines and Geology, Government of Karnataka, for Jaisinghpura North Block, in the Auction. The highest final offer price by the company to become a “Preferred Bidder” is 150.3 per cent of the value of the Mineral dispatched.

The projected Iron Ore Resources is 17.66 in MMT. The company will take all requisite steps as per the tender document to obtain the Letter of Intent and all statutory clearances to execute the Lease Deed with the Mine Development and Production Agreement (MDPA) and start the mining operations.

JSW Steel is primarily engaged in the business of manufacture and sale of iron and steel products. The company aims to expand its crude steel capacity from 18 MnTPA in FY20 to 45 MnTPA within the next decade. In 2021, the company completed the acquisition of BPSL and became the largest steel producer in India. The company is the owner of the single largest steel plant in India with a capacity of 12 MnTPA. The company falls under the BSE Sensex Index with a market cap of over Rs 1.9 lakh crore.

On Friday, shares of JSW Steel Ltd plunged 1.09 per cent to Rs 774.70 per share with an intraday high of Rs 780.15 and an intraday low of Rs 773.80. The stock gave multibagger returns of 170 per cent in 3 years and over 900 per cent in a decade. Investors should keep an eye on this Large-Cap stock.