Jindal Stainless trades jubilantly on bagging order worth Rs 35 crore

Jindal Stainless is currently trading at Rs. 40.60, up by 1.90 points or 4.91% from its previous closing of Rs. 38.70 on the BSE. The scrip opened at Rs. 39.00 and has touched a high and low of Rs. 40.85 and Rs. 38.55 respectively. So far 18157 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 68.40 on 25-Apr-2013 and a 52 week low of Rs. 31.45 on 04-Mar-2014. Last one week high and low of the scrip stood at Rs. 40.85 and Rs. 38.05 respectively. The current market cap of the company is Rs. 839.96 crore. The promoters holding in the company stood at 45.86% while Institutions and Non-Institutions held 29.06% and 16.91% respectively. Jindal Stainless has bagged order worth Rs 35 crore for supplying 1,100 tonnes stainless steel to International Thermonuclear Experimental Reactor’s cryostat project. Cryostat is a large-scale scientific experiment that strives to produce commercial energy from fusion. Of total 3,650 tonnes stainless steel to be used for making the reactor, the company will supply 1,100 tonnes, valued at around Rs 35 crore, in the first phase. France’s Indu steel is the other company chosen to supply the high-end steel. Further, the project is being funded and run by seven-member entities - European Union, India, Japan, China, Russia, South Korea and the US. Jindal Stainless manufactures stainless steel slabs, blooms, hot rolled and cold rolled coils, 60% of which are exported worldwide. It has a stainless steel making facility at Hissar and a ferro alloy plant at Vizag.