Jindal Stainless (Hisar) rises on commissioning first phase of brownfield expansion at SPD
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Jindal Stainless (Hisar) is currently trading at Rs. 319.90, up by 4.65 points or 1.48% from its previous closing of Rs. 315.25 on the BSE.
The scrip opened at Rs. 311.50 and has touched a high and low of Rs. 327.00 and Rs. 311.50 respectively. So far 9822 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 334.55 on 18-Oct-2021 and a 52 week low of Rs. 89.00 on 27-Oct-2020.
Last one week high and low of the scrip stood at Rs. 334.55 and Rs. 305.00 respectively. The current market cap of the company is Rs. 7565.25 crore.
The promoters holding in the company stood at 58.87%, while Institutions and Non-Institutions held 24.79% and 15.97% respectively.
Jindal Stainless (Hisar) has commissioned the 26,000 tonnes per annum (TPA) capacity Precision Strip Mill as part of the first phase of its latest brownfield expansion plan at its state-of-the-art Specialty Products Division (SPD). This capacity expansion takes the total precision strip production capacity to 48,000 TPA from the existing 22,000 TPA. The capacity expansion of precision strips will further strengthen the Company’s presence in segments like auto, process industry, and oil and petrochemical, and will be augmenting supplies to aerospace and electric vehicles.
The capacity expansion at SPD is part of the Company’s plan to leverage its leadership position in specialty and value-added products. After this expansion, operational capability will expand and products up to 650 mm width would be manufactured. This expansion will further help the Company consolidate its leadership position in the international market. The total Capex for brownfield expansion is estimated at Rs 450 crore over next two years. As part of the expansion of SPD, JSHL will increase its total precision strip capacity to 60,000 tonnes per annum by the end of Q2FY23 with an estimated Capex of Rs 250 crore.
Jindal Stainless (Hisar) is world's largest producer of Stainless Steel strips for razor blades and India's largest producer of coin blanks, serving the needs of India and International mints.
