Jindal Stainless shines on deal buzz with Posco

Jindal Stainless rose 3.29% to Rs 48.60 at 09:49 IST on BSE on reports the company has entered into a strategic agreement with Korean steelmaker Posco to help it stabilise production of alloy used in cars and home appliances.

Meanwhile, the S&P BSE Sensex was up 23.45 points or 0.13% at 18,249.93

On BSE, 15,397 shares were traded in the counter as against average volume of 55,922 shares in the past one quarter.

The stock hit a high of Rs 49.20 and a low of Rs 47.25 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 9 April 2013, declining 16.5% compared with the Sensex's 7.4% fall. The scrip had also underperformed the market in past one quarter, sliding 35.24% as against Sensex's 7.32% fall.

The small-cap company has equity capital of Rs 40.82 crore. Face value per share is Rs 2.

Jindal Stainless has reportedly entered into a strategic agreement with Korean steelmaker Posco to help it stabilise production of alloy used in cars and home appliances. Under the agreement, Jindal Stainless will sell stainless steel to be rerolled at Posco's South East Asia units.

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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