Jindal Stainless shares in news as firm supplies steel to Vande Metro trains

Shares of Jindal Stainless Ltd are in news today after the firm said it supplied high strength stainless steel for the Vande Metro train expected to operate from July. Jindal Stainless shares ended 4.63% higher at Rs 711.40 in the previous session on BSE. Market cap of the firm rose to Rs 58,579 crore. A total of 0.46 lakh shares changed hands amounting to a turnover of Rs 3.23 crore on BSE.

The metal stock fell to a 52 week low of Rs 270.55 on May 15, 2023. The stock of the stainless steel maker has gained 24% this year and risen 156% in the last one year.

In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 53.8, signaling it's trading neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 1, indicating average volatility during the period. Jindal Stainless shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

The Railways had recently rolled out the Vande Metro train from the Integral Coach Factory in Chennai.

The "201LN" stainless steel supplied by Jindal Stainless, makes coaches lighter and energy efficient, Jindal Stainless said.
Vande Metro Trains are shorter distance versions of the 'Vande Bharat' express trains. Vande Metro Trains aim to serve passengers traveling distances of up to 250 kms.

"The stainless steel '201LN' is extremely corrosion resistant, has higher and superior durability and exhibits better crash-resistant properties thereby providing best-in class safety to passengers", the statement said.