by Trade Brains | Jun 10, 2024 | 3:05 pm | News, Trending News | 0 comments
In Monday’s trading session, the share price of India’s largest stainless steel manufacturer surged 3.5 percent on BSE to hit an intraday high at Rs. 822.5, after the company’s defence arm rifle received Indian army clearance. ss 420 steel
With a market capitalisation of Rs. 66,821.7 crore, at 01:54 p.m., the shares of Jindal Stainless Limited were trading in the green at Rs. 812, up by 2.2 percent, compared to its previous closing price of Rs. 794.75.
According to the reports of the online portal Indian Defence Research Wing, a rifle developed jointly by Jindal Defence, a leading Indian defence manufacturer, and Brazilian firm Taurus Arms has successfully passed a series of trials by the Indian Army.
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This partnership has combined the manufacturing capabilities of Jindal Defence with the expertise of Taurus in small arms development.
With this clearance, the T4 rifle moved a step closer towards being chosen for a contract to supply 4.25 lakh rifles to the Indian armed forces.
The Indian Army conducts these trials as part of its evaluation process to make sure that all new weapon systems meet the highest standards of operational readiness and effectiveness.
The T4 rifle is designed to be a versatile and reliable weapon suitable for a range of combat situations and has features including modular design, improved durability, precision & accuracy and ergonomic design.
In terms of financials, the company’s revenue from operations grew by 4.3 percent YoY from Rs. 9,062.5 crore in Q4 FY22-23 to Rs. 9,454 crore in Q4 FY23-24. However, the after-tax profit decreased by 30 percent from Rs. 716.3 crore in Q4 FY22-23 to Rs. 500.65 crore in Q4 FY23-24.
As per the shareholding pattern of March 2024, the Promoters hold a 60.49 percent stake in the company, Foreign Institutional Investors hold a 20.83 percent stake, while Retail Investors and Domestic Institutional Investors hold a 12.05 percent and 6.63 percent stake in Jindal Stainless, respectively.
Jindal Stainless shares have delivered multibagger returns of nearly 154.6 percent in the last one year and around 41.3 percent of positive returns year-to-date.
Jindal Stainless Limited is engaged in the business of manufacturing stainless steel flat products in austenitic, ferritic, martensitic and duplex grades.
The company’s product range includes ferro alloys, stainless steel slabs and blooms, hot rolled coils, plates and sheets, cold rolled coils and sheets, specialty products such as razor blade steel, precision strips and long products.
Written by Shivani Singh
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