3.6 MTPA to 9.6 MTPA: This multibagger iron and steel company is into expansion of business; starts coal mining production to fuel Chhattisgarh steel plant!

The stock gave multibagger returns of 265 per cent in 3 years whereas BSE Sensex Index is up by 68 per cent.

Jindal Steel & Power Ltd (JSP) is delighted to announce the successful commencement of production at the Gare Palma IV/6 coal mine, strategically positioned in Chhattisgarh. This significant development marks a vital milestone in JSP's continued journey in advancing its raw material security. This mine will also support the proposed expansion of its Raigarh integrated steel plant to a capacity of 9.6 million tons per annum (MTPA) from the existing 3.6 MTPA.

Mr Bimlendra Jha, Managing Director of Jindal Steel & Power Ltd said, "The proposed expansion aligns perfectly with the vision of Atma Nirbhar Bharat, as it will substantially bolster India's steel production capacity using our own swadeshi coal. We aim to finance this expansion predominantly through internal accruals, ensuring a healthy balance sheet”,

Jindal Steel & Power is a major Indian steelmaker with a strong presence in mining and power generation. The company has a global footprint, with subsidiaries in Australia, Botswana, Indonesia, Mauritius, Mozambique, Madagascar, Namibia, South Africa, Tanzania, and Zambia. The company has a market cap of over Rs 70,000 crore and has delivered good profit growth of 44.7 per cent CAGR over the last 5 years

On Wednesday, shares of Jindal Steel & Power Ltd plunged 1.25 per cent to Rs 689.85 per share with an intraday high of Rs 693.50 and an intraday low of Rs 682.20. The stock’s 52-week high is Rs 722.15 and its 52-week low is Rs 424.60.

The stock gave multibagger returns of 265 per cent in 3 years whereas BSE Sensex Index is up by 68 per cent. Investors should keep an eye on this Large-Cap stock.

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