Jindal Stainless surges on acquiring equity stake in Oyster Green Hybrid One
Jindal Stainless is currently trading at Rs 660.90, up by 19.00 points or 2.96% from its previous closing of Rs 641.90 on the BSE.
The scrip opened at Rs 648.20 and has touched a high and low of Rs 663.60 and Rs 644.25 respectively. So far 16852 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 497.00 on 07-Apr-2025.
Last one week high and low of the scrip stood at Rs 678.00 and Rs 633.35 respectively. The current market cap of the company is Rs 54381.15 crore.
The promoters holding in the company stood at 60.88%, while Institutions and Non-Institutions held 28.28% and 10.82% respectively.
Jindal Stainless has acquired equity stake in Oyster Green Hybrid One (Oyster Green), a special purpose vehicle formed in collaboration with Oyster Renewable Energy, to develop a 282 MW hybrid renewable energy project for meeting the power requirements of the Company’s plant.
The Company expects to procure around 700 million units from Oyster Green annually, which would result in significant savings vis-a-vis the power alternatively sourced from the grid. Moreover, power procurement from this plant is in alignment with the Company’s commitment to power future growth through renewable sources of energy and reach net zero carbon emissions by 2050. The Company is committed to invest upto an amount of around Rs 132 crore in Oyster Green towards commissioning of the project, expected by third quarter of the financial 2025-26. In the present tranche, upon achievement of milestone, an amount of Rs 79.20 crore is being invested.
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
