Jindal Stainless jumps on signing contract with ReNew Power to setup renewable energy project
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Jindal Stainless is currently trading at Rs. 180.85, up by 1.75 points or 0.98% from its previous closing of Rs. 179.10 on the BSE.
The scrip opened at Rs. 178.35 and has touched a high and low of Rs. 184.10 and Rs. 177.85 respectively. So far 2131135 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 224.60 on 08-Feb-2022 and a 52 week low of Rs. 95.05 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 184.10 and Rs. 170.40 respectively. The current market cap of the company is Rs. 9521.98 crore.
The promoters holding in the company stood at 70.10%, while Institutions and Non-Institutions held 19.19% and 10.54% respectively.
Jindal Stainless has inked contract with ReNew Power to develop a utility-scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha. The Project will generate 700 million units per year through a mix of solar and wind technologies. This innovative Wind-Solar hybrid solution, with a high-Capacity Utilization Factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity. With this, ReNew Power also brings its Round the Clock (RTC) solution to the B2B space, which it pioneered for Utilities earlier last year.
Moreover, a partnership with the largest renewable player also brings in the requisite execution certainty for Jindal Stainless, which is of paramount importance for a project of this scale.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
