Jindal Stainless rallies 35% post POSCO deal
On April 10, the company has signed a MoU with South Korean steel major POSCO for a long-term joint business opportunity.
Jindal Stainless has rallied over 19% to Rs 64.90 in morning deals on back of heavy volumes on BSE.
The stock opened at Rs 53.25 and has seen a combined 608,700 shares changing hands on the counter till 1020 hours against an average around 460,000 shares that were traded daily in past two weeks on NSE and BSE.
The stock rallied 35% in past seven trading sessions after OP Jindal Group Company has signed a memorandum of understanding (MoU) with South Korean steel major POSCO for a long-term joint business opportunity.The benchmark Sensex gained around 2% during the same period.
“The pact would be for three years with a provision to further extend it and would focus on "long term based supply of 200 series stainless steel products of the company to POSCO or its subsidiaries" Jindal Stainless said in press release.
The move is set to benefit the domestic player as POSCO is the world's largest producer of stainless steel.
The stock opened at Rs 53.25 and has seen a combined 608,700 shares changing hands on the counter till 1020 hours against an average around 460,000 shares that were traded daily in past two weeks on NSE and BSE.
The stock rallied 35% in past seven trading sessions after OP Jindal Group Company has signed a memorandum of understanding (MoU) with South Korean steel major POSCO for a long-term joint business opportunity.The benchmark Sensex gained around 2% during the same period.
“The pact would be for three years with a provision to further extend it and would focus on "long term based supply of 200 series stainless steel products of the company to POSCO or its subsidiaries" Jindal Stainless said in press release.
The move is set to benefit the domestic player as POSCO is the world's largest producer of stainless steel.