Jindal Stainless surges 16% in two days after Quant MF buys 2.6 mn shares

Shares of Jindal Stainless rallied 6 per cent to Rs 208.70 on the National Stock Exchange (NSE) on Wednesday’s intra-day, thus surging 16 per cent in past two trading days after Quant Mutual Fund (MF) bought 2.6 million shares via open market on Tuesday.

On December 6, Quant Mutual Fund -Small Cap Fund purchased 2.63 million shares representing 0.52 per cent of the total equity of Jindal Stainless at Rs 182.97 apiece on the NSE, the exchange data shows. The names of the sellers were not disclosed.

Meanwhile, shares of Jindal Stainless (Hisar), the group company, too rallied 5 per cent to Rs 380 on the NSE in intra-day trade today. The stock has surged 11 per cent in past two days.

Founded by Shri OP Jindal in 1970, Jindal Stainless (comprising Jindal Stainless Limited and Jindal Stainless (Hisar) Limited) has an annual melt capacity of 1.9 MT and an annual turnover of US $4.20 billion (as of March'22).

Already in its expansion phase, the company’s annual melt capacity will reach 2.9 MT by the end of FY23. It has two stainless steel manufacturing complexes in India, in the states of Haryana and Odisha, with an overseas unit in Indonesia. Jindal Stainless has a country-wide network of 10 sales offices in India with 12 global offices across the world. The company’s product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.

On Monday, December 5, Jindal Stainless signed a contract with the country’s largest renewable energy company, ReNew Power, to develop a utility scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha.

The project will generate 700 million units per year through a mix of solar and wind technologies. This innovative Wind-Solar hybrid solution, with a high-Capacity Utilization Factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity, Jindal Stainless said in statement.

The company further said the project with ReNew Power is expected to start commercial operations by May, 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year. Resolutely chasing our ESG goals, we reduced our carbon emissions by 1.4 lakh tonnes in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050.