JSW Steel shares climb over 2% as SC orders status quo on liquidation proceedings of Bhushan Power & Steel; check details

A bench of Justices B V Nagarathna and Satish Chandra Sharma said liquidation of BPSL might jeopardise the review petition, which was to be filed by JSW Steel Limited.

"Without expressing any opinion at this stage, we are of the view that it would be in the interest of justice if the status quo is maintained on the proceedings pending in NCLT," the bench said.

JSW Steel moved the apex court to halt the liquidation of BPSL, contending that it would be detrimental to the company, lenders, and employees.

The petition follows the May 2 order of the apex court to liquidate BPSL and refund JSW's payments, with the NCLT scheduled to hear a plea to initiate liquidation proceedings.

On May 2, the top court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC) and ordered the liquidation of BSPL under the IBC.

JSW Steel Q4 FY25 Results

On Friday, May 23, JSW Steel, the country's largest steel maker, announced a net profit of ₹1,503 crore for the January-March quarter (Q4 FY25), marking an increase of 16% from ₹1,209 crore logged in the same period last year.

JSW Steel's total revenue from operations declined 3% to ₹44,819 crore as against ₹46,269 crore seen in the year-ago period.

Operationally, the company recorded stable performance in the fourth quarter of the financial year 2024-25 as its earnings before interest, taxes, depreciation, and amortisation (EBITDA), also known as operating profit, rose 4% to ₹6,378 crore as against ₹6,124 crore reported in the corresponding period last year.