The shares of one of India’s leading steel manufacturer gained 2.6% to an intraday high of ₹948 per share after the company signed an MoU with the Indian Coast Guard to supply marine-grade steel.
Jindal Steel & Power Ltd is a large-cap stock with a market capitalization of ₹ 96,133 crore. On Wednesday, at 2:30 a.m., the company’s shares were trading at ₹ 938 apiece, up 1.48 percent.
According to reports, the Indian Coast Guard (ICG) and Jindal Steel & Power have inked a Memorandum of Understanding (MoU) in New Delhi, for the supply of indigenous marine-grade steel to enhance the indigenous content in shipbuilding.
This collaboration signifies a joint dedication to promoting self-reliance and enhancing capacities for the production and utilization of these materials in the Nation’s interest.
Jindal Steel & Power Ltd. shares have gained a return of 50% in the last six months and 32% in the last year.
The company’s operational revenue has declined by 11 percent year on year from ₹12,452 crore in Q3FY23 to ₹11,071 crore in Q3FY24, while net profit increased by 272% from ₹ 518 crore to ₹1,928 crore.
Jindal Steel & Power Ltd(JSP) is one of India’s leading steel producers with a significant presence in sectors like mining and power generation. The group has a global presence through subsidiaries, mainly in Australia, Botswana, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Tanzania, and Zambia.
The company offers a wide range of steel products, which include plates & coils, wire rod & TMT rebar, track rails, and structural steel products such as beams and columns, channels, angles, etc.
Written by Omkar Chitnis
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