Jindal Stainless edges higher as Rs 60-crore worth of shares change hands

Jindal Stainless’ stock has risen nearly 42 percent in the last year and given a return of around 20 percent in the past three months

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The share price of Jindal Stainless edged 3 percent higher as 21.22 lakh shares, or 0.42 percent equity, worth around Rs 60 crore changed hands in a block deal on March 31.

The shares changed hands at an average of Rs 283 a piece. At 12.23 pm, shares of Jindal Stainless were trading at Rs 285.50 apiece, up 2.3 percent from the previous close on the BSE. The stock touched an intraday high of Rs 287.75 earlier in the day.

On March 29, the stock gained 4 percent after it entered into a pact with New Yaking in a strategic move to ensure the long-term availability of nickel, a major component in steel manufacturing.

The pact is for investment in the development, construction and operation of a Nickel Pig Iron smelter facility in the Halmahera Islands of  Indonesia.

The company has two stainless steel manufacturing complexes in India, in Haryana and Odisha, as well as an overseas unit in Indonesia. Its product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.

Jindal Stainless’ stock has risen nearly 42 percent in the last year, while it has given a return of around 20 percent in the past three months. The stock price has risen by a whopping 1,096 percent in the last three years.

The manufacturer’s net sales were at Rs 6,220.61 crore in December 2022, up 15.87 percent from Rs. 5,368.47 crore in the previous year. Quarterly net profit was at Rs. 351.22 crore in December 2022, down 5.54 percent from Rs 371.82 crore in the same month in 2021.

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