Shares of Jindal Stainless soared 5.4 percent on Thursday, March 09, as the company looks to invest ₹120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities.
Both the projects are scheduled to be completed by March 2024 and the energy generated will be for captive usage, the company said in a statement.
During Thursday’s trade, the stock opened at a price of Rs. 318 per share, against the previous close of Rs. 310 per share, and grew further during the early trading session to touch an intraday high of Rs. 327 apiece.
It was trading at ₹316.85 apiece, up by 2.08 percent, at 10:55 a.m. on the BSE.
The stock touched a 52-week high of Rs. 329 on March 08, 2023 and a 52-week low of Rs. 95.05 on June 20, 2022, indicating that at the current level, the stock is trading 233 percent above its 52-week low and just 3.69 percent below its 52-week high.
The stock has gained nearly 21 percent in the last one month. Moreover, in the past six months, it has gained almost 140 percent. Furthermore, the stock has yielded a positive return of over 270 percent in the last five years.
On Tuesday, March 07, Jindal Stainless informed through an official filing that the two rooftop solar plants will be generating about 795 million units of electricity, with a carbon abatement potential of 5,64,450 tonnes in a span of 25 years.
“While a project of 21-megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at the company's unit in Hisar”, it said.
The company's Hisar unit has recently achieved a major milestone in its sustainability efforts, having commissioned rooftop solar projects of 4.1 MWp with the capacity of generating 110.7 million units of electricity and reducing 78,597 tonnes of CO2 emissions.
“This is an important step towards achieving our net zero targets. Our commitment is responsible business practices and dedication to reducing our carbon footprint. We will continue this practice," said Abhyuday Jindal, Managing Director of the company.
For the quarter that ended in December, Jindal Stainless reported a 32.4 percent decrease in its consolidated profit to ₹298.56 crore, compared to ₹441.78 crore in the same period of the previous year.
Domestic brokerage HDFC Securities has a 'buy' call on Jindal Stainless with a target price of ₹318, reported The Economic Times.
Jindal Stainless is amongst the leading stainless steel manufacturing companies in the world and is India's largest stainless steel manufacturer. The company operates a stainless-steel plant at Jeypore, Odisha with a capacity of 1.1 million tons per annum spread across approximately 800 acres.
