The Indian benchmark equity indices BSE Sensex and NSE Nifty open higher on the first trading session of the year. Nifty opened higher to trade at 18,128, up by 20 points while Sensex gained 41 points, trading at 60,881.
As the markets zoomed, here are 3 Jindal group stocks that have reached a new 52-week high:
Jindal Stainless Limited (NS: JIST )
The shares of Jindal Stainless opened at Rs 241 a piece and gained as much as 6 percent in the early hours on Monday to reach a new 52-week high of Rs 253.60. The stock has been rallying for some time as it has gained approximately 14 percent in the last five days and more than 42 percent in a month.
In this period, the company has announced its plans to double the capacity to 2.9 million tonnes per annum (mtpa), at an estimated capex outlay of Rs 2,600 crores. In addition to that, the company partnered with ReNew Power to develop its proposed 300 MW hybrid energy project.
Jindal Stainless Ltd (JSL), is the country’s largest stainless steel maker in the country. It is one of the largest manufacturers of Stainless Steel flat products, in Austenitic, Ferritic, Martensitic, and Duplex grades in India used in a variety of industries like automobile, railways, construction, and consumer goods.
Jindal Stainless (Hisar) Limited
The shares of Jindal Stainless (Hisar) reached its new 52-week high of Rs 453.45 after it gained more than 3 percent from its opening price of Rs 439.50 in the early hours. In the last five days, the stock has gained approximately 16 percent and in a month it has zoomed by 32 percent.
The National Company Law Tribunal (NCLT) recently gave its approval for the merger of Jindal Stainless Limited with Jindal Stainless (Hisar). The move is a part of the Jindal group’s expansion plan.
Jindal Stainless (Hisar) Limited is a leading manufacturer of stainless steel and is an integrated stainless steel plant with a melting capacity of 8,00,000 tonnes per annum.
Jindal Steel & Power Limited
The shares of Jindal Steel & Power started trading at Rs 585 and climbed by more than 3 percent in the early hours to reach a new high of Rs 601.90. The stock has gained 10 percent in the last five days.
The company recently purchased the heavily indebted Monnet Power for Rs 410 crores through the insolvency route. The deal is for the 1,050-megawatt power asset of the company which will supply power to JSP’s steel plant in Angul, Odisha. Jindal steel is also set to spend Rs 7,930 crore under the PLI scheme for specialty steel.
Jindal Steel & Power Limited is an industrial powerhouse with a dominant presence in the steel, power, mining, and infrastructure sectors. It has a 10.42 MTPA iron making capacity.
Written by Anoushka Roy
The post 3 Jindal group steel stocks hit 52-week high; Are you holding any? appeared first on Trade Brains.
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