Shares of Jindal Stainless Ltd are in news today after the firm reported a 120 percent year-on-year (YoY) rise in net profit for the quarter ended September 2023. The board of the company also declared an interim dividend of Rs 1 per equity share (face value of Rs 2 each) for FY24. The record date for determining the entitlement of members for the purpose of payment has been set as October 28, 2023.
In the previous session, Jindal Stainless stock closed 3.31% lower at Rs 448.30 on BSE. Market cap of the firm fell to Rs 36,914 crore. A total of 0.72 lakh shares changed hands amounting to a turnover of Rs 3.26 crore on BSE.
They hit a 52 week low of Rs 130.80 on October 20, 2022 and a 52 week high of Rs 541.45 on September 11, 2023. The stock of the stainless steel maker has gained 77.26% this year and risen 231% in the last one year.
In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 41.9, signaling it’s trading neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 0.6, indicating low volatility during the period. Jindal Stainless shares are trading lower than the 5 day, 10 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
Profit rose to Rs 764 crore in Q2 against a net profit of Rs 347 crore in September 2022 quarter.
Jindal Stainless’ total revenue stood at Rs 9,797 crore in Q2, up 12% against Rs 8,751 crore in the corresponding period of the preceding fiscal.
EBITDA climbed 80 percent to Rs 1231 crore in the second quarter of this fiscal over Rs 685 crore in the corresponding period in the previous fiscal. Net debt in the quarter came at Rs 2,149 crore and the net debt-to-equity ratio was maintained at 0.2, which is one of the best in the metal segment. Net debt/EBITDA for the quarter improved to 0.5, Jindal Stainless said.
Source: Business Today
