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Jindal Steel stock gains 4% after Railways awards 'regular supplier' status

JSPL stock touched an intraday high of Rs 268.75 rising 3.62% against the previous close

twitter-logoBusinessToday.In | December 30, 2020 | Updated 17:16 IST
Jindal Steel stock gains 4% after Railways awards 'regular supplier' status
Jindal Steel & Power share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Jindal Steel & Power (JSPL) share rose nearly 4% today after the firm received regular supplier status from Indian Railways to supply 60 kg 880 grade (90UTS) Rails. The stock opened with a gain of 2.18% at Rs 265 against previous close of Rs 259.35 on BSE.

JSPL stock touched an intraday high of Rs 268.75 rising 3.62% against the previous close. Jindal Steel & Power share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has risen 58.78% in one year and gained 58.5% since the beginning of this year.

Market cap of the firm rose to Rs 27,112 crore

The share touched its 52-week high Rs 287.35 and 52-week low Rs 62.10 on December 17, 2020 and April 3, 2020, respectively.

With this, Indian Railways, its subsidiary and track-laying contractors can source 60kg 880 grade (90UTS) rails manufactured by JSPL and utilise them for their ongoing and upcoming projects, company said in the release.

The company is also supplying 1080 grade Head Hardened rails to Rail Vikas Nigam for construction of Kolkata Metro rail tracks and had also exported more than 2 Lakh tonnes of rails.

Meanwhile, after hitting lifetime highs in the early trade, Sensex ended 133 points higher at 47,746 and Nifty gained 49 points to 13,981. During early trade today, Sensex hit a lifetime high of 47,807 and Nifty touched 13,990 for the very first time.

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