Promoter group purchased 34,85,747 shares of multibagger stock; Releases all pledges in December quarter!

For critical sectors such as aerospace, defense, petrochemicals, and thermal power. On the capital expenditure front, the company has revised its guidance upwards, now targeting a capex of Rs 3,600 crore in FY24.

The Nifty commenced trading above the crucial 22,000 mark and sustained its upward trajectory throughout the session, culminating at 22,041, marking a notable surge of 130 points. This marked the fourth consecutive session of market gains, with the Nifty comfortably positioned above 22,000, buoyed by robust performances across the auto, Information Technology, and pharmaceutical sectors.

The day saw a continuation of positive global cues, setting a bullish tone from the onset as equity indices opened in the green and remained firmly in positive territory. Notably, the Nifty maintained its position above the 22,000 thresholds for the majority of the trading session, supported by widespread buying activity across various sectors, albeit with exceptions in oil & gas and power.

One standout performer on Friday was Jindal Stainless Ltd, which witnessed a remarkable surge of over 5 per cent, closing at Rs 631.25. The stock reached an intraday high of Rs 643.30, matching its 52-week peak.

Jindal Stainless, India’s premier stainless-steel manufacturer, reported an impressive annual turnover of Rs 35,700 crore (USD 4.30 billion) in FY23, demonstrating robust growth. The company is actively expanding its operational capacities, aiming to achieve a substantial annual melt capacity of 3 million tonnes by FY24. With manufacturing facilities in Odisha and Haryana, along with a global presence spanning 15 countries and a service center in Spain, Jindal Stainless maintains a strong foothold in the industry.

Renowned for its comprehensive product range encompassing stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks, Jindal Stainless leverages integrated operations to bolster cost competitiveness and operational efficiency, positioning itself as one of the top five stainless steel players globally (excluding China).

Founded in 1970, Jindal Stainless remains committed to innovation, social responsibility, and sustainability. With an emphasis on environmentally responsible practices, the company utilizes scrap in electric arc furnaces for stainless steel production, minimizing greenhouse gas emissions and promoting a circular economy. Jindal Stainless aims to slash carbon emission intensity by 50 per cent by FY 2035 and achieve Net Zero emissions by 2050.

Notably, the stock has exhibited remarkable growth, surging by 145.34 per cent in the past year and an astounding 781.02 per cent over the last three years, cementing its status as a significant wealth creator for investors.

Furthermore, the company's relentless R&D endeavors have led to the development of specialized grades tailored for critical sectors such as aerospace, defense, petrochemicals, and thermal power. On the capital expenditure front, the company has revised its guidance upwards, now targeting a capex of Rs 3,600 crore in FY24.

Intriguingly, recent market activity indicates significant interest from the promoter group, with JSL Overseas and JSL Overseas Holding Ltd collectively acquiring 34,85,747 shares between February 12 and 15. Moreover, the company's prudent financial management is underscored by its transition to a zero-shares-pledged entity, with promoters releasing all pledges in the December quarter, down from a previous pledge percentage of 77.54 per cent in the quarter ended September 2023.

Disclaimer: The article is for informational purposes only and not investment advice.