2,300 per cent returns: This iron & steel company becomes the first Indian corporate to participate in the India-Singapore TradeTrust eBLs project after Chandrayaan 3!
The stock gave multibagger returns of 240 per cent in just 1 year, 750 per cent returns in 3 years and a whopping 2,300 per cent over a decade.
Jindal Stainless is the first Indian corporate participating in a pathbreaking India-Singapore project to make the bilateral cross-border trade paperless and a smooth ride for all parties.
Commerce and Industry Minister Mr Piyush Goyal and his Singaporean counterpart, Mr Gan Kim Yong, today successfully kicked off the first “live” transaction of interoperable e-Bills of Lading (eBLs) from Singapore to India through TradeTrust Framework, during the G20 Trade and Investment Ministerial meeting in Jaipur, India.
The National Institute for Transforming India (NITI) Aayog and Singapore’s Ministry of Trade and Industry (MTI) have roped in, besides Jindal Stainless, ICICI Bank, Enterprise Singapore, Infocomm Media Development Authority (IMDA), DBS Bank, Maptrasco, A P Moller-Maersk for this project.
Globally, this is the first live transaction under the letter of credit utilizing eBLs in this project, powered by blockchain, under which the traders, shippers and banks are involved in the transaction of an actual shipment that will be fully paperless across geographies and through different platforms.
Earlier, Jindal Stainless Ltd, India's largest stainless-steel manufacturer, created a high-strength alloy steel for Chandrayaan-3's motor casing. Developed over 3 years, this heat-resistant grade aids ISRO by meeting quality standards, enhancing India's space endeavours.
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On Friday, shares of Jindal Stainless Ltd plunged 1.42 per cent to Rs 420.65 per share with an intraday high of Rs 434.40 and an intraday low of Rs 420.
The stock gave multibagger returns of 240 per cent in just 1 year, 750 per cent returns in 3 years and a whopping 2,300 per cent over a decade. Investors should keep an eye on this iron & steel manufacturing stock.
Disclaimer: The article is for informational purposes only and not investment advice.