Jindal Stainless strengthens on developing smokeless stainless steel stove

Jindal Stainless is currently trading at Rs. 47.65, up by 1.00 points or 2.14% from its previous closing of Rs. 46.65 on the BSE. The scrip opened at Rs. 46.50 and has touched a high and low of Rs. 48.50 and Rs. 46.40 respectively. So far 44286 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 60.00 on 29-May-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. 55.00 and Rs. 41.15 respectively. The current market cap of the company is Rs. 1012.26 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 developed a smokeless stainless steel stove in collaboration with The Energy and Resources Institute (TERI). This step taken by the company is a significant step towards reducing carbon footprints. The maintenance free gas stove is priced at Rs 3,200 and being marketed by TERI. The stove, made up of a mix of 200 and 300 series stainless steel, ensures high reduction in toxic emissions during cooking and has longer life and better corrosion resistance in adverse village environment. 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.