The shares of India’s largest stainless steel maker rose to 6.6% to ₹606.40 per share after its subsidiary bought 29 lakh equity shares after its subsidiary bought 29 lakh equity shares subsequent to the sale of equity shares by Foreign Institutional Investors through a block deal.
Jindal Stainless Ltd belongs to a large-cap category of stock with a market capitalization of ₹49,122 crores. And its stock has gained 70% in the last six months and 63% in a year.
According to NSE Data.JSL Overseas Limited which is a subsidiary of Jindal Stainless Limited bought 29,00,000 equity shares of Jindal Stainless Limited at a price of ₹ 575.35 per share on Wednesday through a block deal after Elm Park Fund Limited Sold 29,00,000 equity shares for the same price.
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.
The company manufactures Stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.
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 centre in Spain.
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 centre in Spain.
On a year-on-year basis, revenue slightly increased by 0.8% from ₹9,062 crore in Q3FY23 to ₹9,127 crore in Q3FY24. The Net Profit climbed by 35% during the same time, from ₹ 513 crore to ₹ 691 crore.
In Q3FY24, the company accounted for 88% of its revenue from the domestic market and the remaining 12% of its revenue from international markets.
At the time of writing this report, Jindal Stainless shares were trading at ₹ 597 per share, up 4.92% from the previous close price.
Written by Omkar Chitnis
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