Jindal Stainless rises on getting nod to acquire stake in Mynd Solutions
Jindal Stainless is currently trading at Rs. 595.05, up by 6.65 points or 1.13% from its previous closing of Rs. 588.40 on the BSE.
The scrip opened at Rs. 591.90 and has touched a high and low of Rs. 597.00 and Rs. 586.60 respectively. So far 29277 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 848.00 on 09-Jul-2024 and a 52 week low of Rs. 568.70 on 17-Feb-2025.
Last one week high and low of the scrip stood at Rs. 660.20 and Rs. 582.00 respectively. The current market cap of the company is Rs. 48977.22 crore.
The promoters holding in the company stood at 60.71%, while Institutions and Non-Institutions held 28.43% and 10.86% respectively.
Jindal Stainless has received approval from board of directors for acquisition of 5.03% stake in Mynd Solutions, a leading Reserve Bank of India regulated Trade Receivables electronic Discounting System (TReDS) and supply chain financing platform, through a combination of primary and secondary investments, which along with the stake held by Jindal Stainless Steelway (JSSL), a wholly-owned subsidiary of the Company, will result in a consolidated stake of 9.62%.
Through this investment, the Company aims to empower its MSME and non-MSME vendors with better access to supply chain financing, supporting growth and financial inclusion. It will also assist the Company digitalise the financing operations, streamline payments, and optimize the working capital cycle thereby enhancing overall efficiency across the supply chain structure.
The Board of Directors of Jindal Stainless at its meeting held on March 25, 2025, considered and approved the same.
Jindal Stainless (JSL) is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world.
