After a volatile session on Wednesday on account of the Budget announcement, the Indian benchmark indices opened lower on Thursday. The NSE Nifty 50 Nifty fell 162.95 points or 0.92% to open at 17,517.10 levels and BSE Sensex slipped 408.92 points or 0.68% to 59,459.87.
Despite weak market sentiments, here are 2 Jindal group stocks that reached a 52-week high on Thursday:
Jindal Stainless (Hisar) Limited
The shares of Jindal Stainless (Hisar) Ltd opened at Rs 474.45 levels and gained as much as 3 percent to reach a 52-week high of Rs 487 in the early hours of Thursday.
The stock has been gaining after the company reported a total revenue of Rs 4,285.27 Crore in Q3FY23 which grew marginally Year on Year from Rs 4,173.43 Crore. Their net profit in the period stood at Rs 242.29 Crore which declined by 34 percent from Rs 369.25 Crore in Q3FY22.
Jindal Stainless (Hisar) Limited is a leading manufacturer of stainless steel and is an integrated stainless steel plant with a melting capacity of 8,00,000 tonnes per annum.
In the span of a month, the stock has jumped by 7 percent and in the last six months the stock price has soared higher to deliver a multibagger return of 108 percent in the period.
Jindal Saw Limited
Jindal Saw Limited saw its share price scale by more than 7 percent to reach a new 52-week high of Rs 134.30 against its open price of Rs 124 on Thursday’s session.
The scrip has gained more than 12 percent in the last week. In Q3FY23, the company posted a total revenue of Rs 5,157.94 Crore, an increase of 49 percent YoY from Rs 3,471.04 Crore. Meanwhile, their profits jumped multifold to Rs 143.3 Crore compared to Rs 68 lakhs in Q3FY22.
Jindal Saw Limited, the flagship company of PR Jindal group, is a leading global manufacturer and supplier of Iron & Steel pipes and pellets. Some of the clients include ONGC, Oil India, GE, Thermax, Godrej, SKF, and L&T among others.
In the span of a month, the stock has jumped by 22 percent and in the last six months the stock price has scaled higher and delivered a return of 48 percent in the period.
Written by Anoushka Roy
