Jindal Stainless jumps 5% after arm signs 11-Mw PPA with Sunsure Energy

Jindal Stainless share price: Shares of India's largest stainless steel manufacturer Jindal Stainless surged over 5 per cent on Friday after the company's subsidiary JSL Super Steel signed a long-term power purchase agreement (PPA) with Sunsure Energy to source 11 megawatt-peak (Mw-p) of solar power for its unit in Uttar Pradesh.

  According to the agreement, the power will be sourced from Sunsure's 49 Mw-p solar project in Augasi, Uttar Pradesh, replacing nearly 40 per cent of JSS' conventional energy consumption with clean power. 

 

JSL Super Steel is a wholly-owned subsidiary of Jindal Stainless. It specialises in the manufacturing of stainless steel long products, specifically wire rods and rebar, with a rolling capacity of 160,000 tonne per annum. 

 

At 2:25 PM on Friday, the Jindal Stainless shares were quoting at ₹536.45, up 4.65 per cent from the previous day’s closing price of ₹512.60 on the National Stock Exchange (NSE). In comparison, the benchmark NSE Nifty50 index was trading at 22,778.30, up 379.15 or 1.69 per cent. The company's total market capitalisation stood at ₹44,191.12 crore. 

 

The stock has fallen around 38.5 per cent from the 52-week high of ₹848, which it touched on July 9, 2024. On a year-to-date basis, the stock has surged over 25 per cent compared to around 4 per cent decline in the Nifty50 index. 

 

Jagmohan Sood, whole-time director and chief operating officer at Jindal Stainless, said, "JSL Super Steel is delighted to partner with Sunsure Energy as another step in Jindal Stainless' efforts to green our operations and achieve our Net Zero targets. This partnership is also a part of Jindal Stainless' short-term goal of reducing 50 per cent carbon emissions by 2035. By integrating renewable energy into our production processes, we are not only reducing our carbon footprint but also setting new benchmarks for the metal industry in India."

 

Shashank Sharma, founder, chairman and CEO at Sunsure Energy, said, “As industries align with India’s ambitious renewable energy targets, collaborations like this set a powerful precedent for responsible growth. Through this agreement, Jindal Stainless is leading the way for the metal industry in Uttar Pradesh by sourcing power from renewable sources - demonstrating that clean energy is not just an option, but the future of industrial progress."

 

According to the company statement, the partnership will enable JSL Super Steel to receive 16.5 million units (MUs) of clean energy annually. It will help the company to reduce 12 million kilograms of carbon emissions per year, which is equivalent to planting over 5.45 lakh trees.