The shares of India’s largest stainless steel maker rose up to 2 percent to Rs 541.95 per share following the company’s mid-term aim of reducing carbon emissions by 50 percent before the target year 2035.
Jindal Stainless has planned to achieve its mid-term target of 50 percent carbon emissions reduction well before the target year of 2035, as the company marked by its presence at the prestigious United Nations Confederation of Parties (COP) 28 climate summit for the first time. The company said in its exchange filing.
The Ministry of Steel, Government of India invited Jindal Stainless to demonstrate its decarbonization projects at a side event held by the Ministry of Steel, Government of India at the India Pavilion in Dubai.
As a result, the firm has taken many steps to decrease its carbon footprint, including internal improvements and collaborations with external partners. The corporation intended to invest Rs 700 crores in various sustainability programs to lower 1.5 million tonnes of carbon emissions per year.
In addition to this, The company signed an MoU with Renew Power for a 100 megawatt (MW) wind-solar hybrid renewable energy (RE) round-the-clock (RTC) project, due for commissioning in 2024.
The company is also working on other renewable energy RTC projects that will help the company achieve an overall capacity of 300 MW hybrid RE.
Once implemented, such a company’s activities, together with the green hydrogen plant, will be game changers in meeting the midterm carbon emission targets.
The company shares have delivered a return of 111 percent on a year-to-date basis and 167 percent in a year. A shareholder investment of Rs 1 lakh in the company, would be worth Rs 2.67 lakhs in a year.
Jindal Stainless has an annual turnover of Rs 35,700 crore (US $4.30 billion) in FY23 and the company is planning to ramp up its facilities to reach 3 million tonnes of annual melt capacity in FY24.
The company has two stainless steel production plants in India, in the states of Odisha and Haryana. Jindal Stainless has a global network of 15 countries and one service center in Spain.
Jindal Stainless Ltd is one of India’s leading manufacturers of stainless steel flat products in Austenitic, Ferritic, Martensitic, and Duplex grades, which are utilized in sectors such as automobiles, railroads, construction, consumer goods, and so on.
Stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks are among the company’s products.
At the time of writing this report, Jindal Stainless shares were trading at Rs 536 per share, up 0.98 percent from the previous close price.
Written by Omkar Chitnis
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