Jindal Stainless surges on completing acquisition of Jindal United Steel
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Jindal Stainless is currently trading at Rs. 371.10, up by 2.80 points or 0.76% from its previous closing of Rs. 368.30 on the BSE.
The scrip opened at Rs. 368.25 and has touched a high and low of Rs. 374.00 and Rs. 365.25 respectively. So far 29832 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 375.00 on 12-Jul-2023 and a 52 week low of Rs. 112.85 on 27-Jul-2022.
Last one week high and low of the scrip stood at Rs. 374.00 and Rs. 343.55 respectively. The current market cap of the company is Rs. 30668.82 crore.
The promoters holding in the company stood at 57.94%, while Institutions and Non-Institutions held 28.21% and 12.95% respectively.
Jindal Stainless (JSL) has completed the acquisition of Jindal United Steel (JUSL). Earlier, JSL held 26% stake in JUSL; it has now acquired the remaining 74% equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100% owned subsidiary of JSL.
JUSL has been operating the Hot Strip Mill (HSM) of 1.6 million tons per annum (MTPA) capacity and a Cold Rolling Mill of 0.2 MTPA capacity. It is also undergoing capacity expansion up to 3.2 MTPA at Jajpur, Odisha.
Jindal Stainless is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
