Jindal Stainless shines after completing ECB restructuring process

Jindal Stainless rose 1.31% to Rs 54.15 at 9:20 IST on BSE after the firm said that the process of restructuring of existing $250 million ECB's of the firm has been successfully completed during the quarter ended 31 March 2013.

The company made the announcement after market hours on Monday, 1 April 2013.

Meanwhile, the S&P BSE Sensex was down 14.16 points or 0.08% at 18,850.59.

On BSE, 471 shares were traded in the counter as against average volume of 60,221 shares in the past one quarter.

The stock hit a high of Rs 54.90 and a low of Rs 53.80 so far during the day. The stock had hit a 52-week high of Rs 88.70 on 11 December 2012. The stock had hit a 52-week low of Rs 44.05 on 26 March 2013.

The stock had underperformed the market over the past one month till 1 April 2013, declining 3.17% compared with the Sensex's 0.28% fall. The scrip had also underperformed the market in past one quarter, sliding 24.56% as against Sensex's 3.66% fall.

The small-cap company has equity capital of Rs 38.10 crore. Face value per share is Rs 2.

Shares of Jindal Stainless had surged 12.4% to settle at Rs 53.45 on Monday, 1 April 2013.

Jindal Stainless reported net loss of Rs 257.39 crore in Q3 December 2012, higher than net loss of Rs 110.33 crore in Q3 December 2011. Net sales rose 35.4% to Rs 2576.55 crore in Q3 December 2012 over Q3 December 2011.

Jindal Stainless is engaged in manufacturing stainless steel. The products include stainless steel hot rolled and cold rolled coils, plates and flats, slabs and blooms. These products are used in nuclear plants, thermal power plants, petrochemicals, pharmaceutical, process industry, dairy industry, breweries and many more areas like, railways and coinage.

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