Jindal Stainless shines as Ind-Ra upgraded its long-term issuer rating
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Jindal Stainless is currently trading at Rs. 210.60, up by 3.70 points or 1.79% from its previous closing of Rs. 206.90 on the BSE.
The scrip opened at Rs. 207.50 and has touched a high and low of Rs. 211.75 and Rs. 205.50 respectively. So far 43445 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 219.65 on 21-Jan-2022 and a 52 week low of Rs. 60.30 on 19-Mar-2021.
Last one week high and low of the scrip stood at Rs. 211.75 and Rs. 195.35 respectively. The current market cap of the company is Rs. 10632.60 crore.
The promoters holding in the company stood at 68.60%, while Institutions and Non-Institutions held 22.22% and 9.01% respectively.
Credit rating agency -- India Ratings and Research (Ind-Ra) has upgraded the long-term issuer rating assigned to Jindal Stainless (JSL) to ‘AA-’ with a stable outlook, while resolving the Rating Watch Evolving (RWE). The agency had previously assigned ‘A+/RWE’ rating to JSL’s long-term credit facilities.
The upgrade and RWE resolution factor in the improved visibility on the amalgamated business and financial profile of JSL and Jindal Stainless (Hisar) (JSHL), continued deleveraging across the group entities, improvement in terms of product mix, improved credit terms with suppliers, and healthy balance sheet liquidity.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
