Large Cap Steel Major Inks MoU With Rashtriya Ispat Nigam Ltd, Shares Gain

Shares of leading steel maker Jindal Steel & Power Ltd gained in trade today after it inked an MoU with Rashtriya Ispat Nigam Limited (RINL) for the operationalization of RINL's Blast Furnace-3 (BF-3). Current market price of JSPL share on BSE is Rs 730.65 with intraday gain of 0.45%. Jindal Steel shares witnessed a rally of 38% in last 1-year and 89% in last 2-years. Check details below:

Jindal Steel Signs MoU With RINL: According to the BSE filing of the company dated December 23, 2023, "The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh tonnes of Hot Metal per month. The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into Hot Rolled Coils from JSP's upcoming state-of-the-art Hot Strip Mill at Angul which is slated for commissioning soon."

"We extend our heartfelt congratulations and best wishes to the management and employees of RINL for embarking on this partnership based on a win-win relationship that also adds substantial value to the exchequer." expressed Mr Bimlendra Jha, Managing Director of Jindal Steel & Power, in a statement.

Jindal Steel Stock Outlook & Return: The stock's 52-week high price is Rs 767.95 per share and 52-week low price is Rs 503.00 per share, respectively. The company has a market capitalisation of Rs 74,481.73 crore. Jindal Steel stock surged 11% in last 1-month, gained 28% in last 6-months, rallied 38% in last 1-year, and offered return of 182% in last 3-years. In last 5-years, Jindal Steel share jumped 350%.

Jindal Steel Financials: The company earlier this year declared higher than expected Q2 profit amid a decline in raw material costs. It reported its net profit after tax rallied over six-fold to 13.90 billion rupees ($167 million) for the quarter ended September 30, 2023. Its costs fell 13% due to decline in costs of iron ore and metallurgical coal, two key raw materials used in making steel.

About: Jindal Steel & Power is an industrial powerhouse with a dominant presence in the steel, power, mining and infrastructure sectors. Having an investment of 12 billion USD across the globe, the Company is continuously scaling its capacity utilisation and efficiencies to capture opportunities for Building a self-reliant India.

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