Shares of steel stock under the ‘mid-cap’ category gained up to 6.50 percent in Monday’s trading session after a Block Deal pertaining to the company’s shares took place on November 17th, 2023. The company’s stock is trading near its 52-week high price.
With a market capitalization of Rs 42,324.54 crores, the stocks of Jindal Stainless Limited opened their trading hour on Monday at Rs 510 and currently trades at Rs 514. The scrip witnessed an intra-day high price of Rs 538.90 indicating a gain of 6.50 percent compared to the previous close of Rs 506.10 apiece.
As per the Block Deal data available with the National Stock Exchange (NSE) on 17th November 2023, Hypnos Fund Limited, a Foreign Portfolio Investor (FPI) in Jindal Stainless, sold 17.50 lakh equity shares at an average trade price of Rs 477.25. The FPI traded a 0.21 percent stake in the metal company.
JSL Overseas Limited, one of the Promoter Group entities of Jindal Stainless, stood as the buying party and bought all of the FPI shares at the same trade price.
During the recent financial quarters, the company witnessed opposing movements in the prime business indicators such as operating revenues and net profits.
The former, on one end, fell from Rs 10,183.96 crores during Q1FY23-24 to Rs 9,797.04 crores during Q2FY23-24, and, the latter, during the same time horizon, increased from Rs 705.02 crores to Rs 756.63 crores due to efficient cost management strategies.
As per the shareholding data available for the quarter ended September 2023, the company’s Promoters hold a 57.94 percent stake, and the Foreign Institutional Investors (FIIs), consistently increasing its stake, currently hold a considerable stake of 23.37 percent in the company.
Jindal Stainless Limited is a steel manufacturing company based in India that offers products such as stainless steel slabs, ferroalloys, razor blade steel, plates, precision strips, coin blanks, etc. The firm has a distribution network through its service centers and warehouses within as well as outside India.
Written by Amit Madnani
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