Jindal Stainless shares up 2% at close

Trimming most of its early gains, the Jindal Stainless scrip today ended 2 per cent higher after the company got board approval to restructure its businesses, including demerging a subsidiary and listing it on domestic bourses, to cut debt.
After surging 11.18 per cent to Rs 43.25 in the intra-day trade, shares of Jindal Stainless finally ended at Rs 39.70, up 2.06 per cent from its previous close on the BSE.
At the NSE, it ended with a gain of 1.28 per cent at Rs 39.50.
On the volumes front, 13.39 lakh shares of the company changed hands on the BSE, while over 43 lakh shares were traded at the NSE during the day.

Profit-booking in an overall sluggish stock market erased most of Jindal Stainless initial gains.
Jindal Stainless yesterday got board approval to restructure its businesses that includes demerging a subsidiary and listing it on domestic bourses, a move aimed at boosting profitability and paring debt.

Based on the recommendation of its audit committee, the composite scheme of arrangement amongst Jindal Stainless and its three wholly-owned subsidiaries has been approved by the company Board, it had said in a BSE filing.
The objective of the scheme, which is subject to approval of the shareholders, was unlocking value for shareholders to increase profitability, reduction of the debt and improvement of the serviceability of the debt, which now stands in excess of Rs 8,500 crore. This will come down to below Rs 5,000 crore post-restructuring, a company source had said.

Meanwhile, in the broader market the BSE benchmark Sensex ended at 27,403.54, up 7.81 points.