Jindal Stainless shares gain after three sessions; here’s why
Jindal Stainless shares rose 2.23% to Rs 286.15 against the previous close of Rs 279.90 on BSE. They hit a fresh 52 week high of Rs 329 on March 8.
- Mar 29, 2023,
- Updated Mar 29, 2023 9:35 AM IST
Shares of stainless steel maker Jindal Stainless Ltd were in focus today after the firm said it has acquired 49% equity stake in a Nickel Pig Iron (NPI) smelter facility in Indonesia for $157 million (about Rs 1,300 crore). Jindal Stainless shares rose 2.23% to Rs 286.15 against the previous close of Rs 279.90 on BSE. It hit a fresh 52 week high of Rs 329 on March 8.
The stock has gained after falling for the last three days. The stock of the stainless steel maker has gained 17.04% this year and risen 43.87% in the last one year. Total 3,981 shares of the firm changed hands amounting to a turnover of Rs 11.35 lakh on BSE. Market cap of Jindal Stainless rose to Rs 15,037 crore.
In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 45.3, signaling it's trading in neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 1.1, indicating high volatility during the period. Jindal Stainless shares are trading higher than the 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock is technically trading in a bullish range.
The facility is planned to be commissioned within 2 years, with an annual nameplate production capacity of up to 200,000 metric tonnes of NPI with average 14% Ni Content. This is the first-ever strategic partnership entered into by an Indian company for securing stake in nickel reserves globally as India is deficient in nickel ore.
Also read: Tata Steel, JSW Steel JSPL: What are the key trading levels for these metal stocks
Shares of stainless steel maker Jindal Stainless Ltd were in focus today after the firm said it has acquired 49% equity stake in a Nickel Pig Iron (NPI) smelter facility in Indonesia for $157 million (about Rs 1,300 crore). Jindal Stainless shares rose 2.23% to Rs 286.15 against the previous close of Rs 279.90 on BSE. It hit a fresh 52 week high of Rs 329 on March 8.
The stock has gained after falling for the last three days. The stock of the stainless steel maker has gained 17.04% this year and risen 43.87% in the last one year. Total 3,981 shares of the firm changed hands amounting to a turnover of Rs 11.35 lakh on BSE. Market cap of Jindal Stainless rose to Rs 15,037 crore.
In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 45.3, signaling it's trading in neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 1.1, indicating high volatility during the period. Jindal Stainless shares are trading higher than the 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock is technically trading in a bullish range.
The facility is planned to be commissioned within 2 years, with an annual nameplate production capacity of up to 200,000 metric tonnes of NPI with average 14% Ni Content. This is the first-ever strategic partnership entered into by an Indian company for securing stake in nickel reserves globally as India is deficient in nickel ore.
Also read: Tata Steel, JSW Steel JSPL: What are the key trading levels for these metal stocks