Jindal Stainless shines on getting nod to acquire stake in JSL Ferrous
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Jindal Stainless is currently trading at Rs. 201.05, up by 8.40 points or 4.36% from its previous closing of Rs. 192.65 on the BSE.
The scrip opened at Rs. 191.90 and has touched a high and low of Rs. 207.70 and Rs. 186.00 respectively. So far 651293 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 207.70 on 27-Oct-2021 and a 52 week low of Rs. 53.60 on 27-Oct-2020.
Last one week high and low of the scrip stood at Rs. 207.70 and Rs. 161.00 respectively. The current market cap of the company is Rs. 10085.46 crore.
The promoters holding in the company stood at 68.60%, while Institutions and Non-Institutions held 20.97% and 10.26% respectively.
Jindal Stainless has received approval to make investment aggregating to Rs 5 lakh for acquisition of entire equity shares of JSL Ferrous. The effect of the proposed acquisition would be that JSL Ferrous will become wholly owned subsidiary of the Company. The object of the proposed acquisition is to explore the options for expansion at the Company's Jajpur plant in Odisha. The board of directors at its meeting held on October 26, 2021 has approved the same.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
