Jindal Stainless shares hit all-time high on stellar Q1 earnings

Shares of Jindal Stainless Ltd hit their all-time high today after the metal major reported a 50% rise in net profit to Rs 745 crore in the June quarter. Jindal Stainless shares hit their all-time high of Rs 386.55 on BSE. The stock rose nearly 3% on BSE. Market cap of the firm rose to Rs 31,714 crore. A total of 0.20 lakh shares changed hands amounting to a turnover of Rs 77.28 crore on BSE.

At 11:21 am, shares of the stainless steel maker were trading 1.58% higher at Rs 383.15 on BSE. They hit a 52 week low of Rs 112.85 on July 27, 2022. The stock of the stainless steel maker has gained 51.80% this year and risen 231% in the last one year.

In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 64.3, signaling it's trading neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 0.8, indicating low volatility during the period. Jindal Stainless shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Revenue from operations stood at Rs 10,184 crore in Q1, up 25.5 percent against Rs 8,115.6 crore in the corresponding period of the preceding fiscal.

EBITDA climbed 34.6 percent to Rs 1,192.4 crore in Q1 against Rs 886.2 crore in the corresponding period of the previous fiscal. EBITDA margin stood at 11.7 percent in the June quarter compared to 10.9 percent in the corresponding period in the previous fiscal. The earnings were announced after market hours on Wednesday.

Jindal Stainless has an annual turnover of Rs 35,700 crore (US $4.30 billion) in FY23 and is ramping up its facilities to reach 2.9 million tonnes of annual melt capacity in FY24. It has two stainless steel manufacturing facilities in India, in Odisha and Haryana, and an overseas unit in Indonesia — this unit serves the markets of South-East Asia and nearby regions. Jindal Stainless has a worldwide network in 15 countries and one service centre in Spain.

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