• 15/08/2022 10:06 pm

#Jindal #Stainless shares surge 13% to hit fresh 52-week high after India Ratings affirms its long-term issuer rating

Jindal Stainless is the largest stainless steel manufacturer in India with a capacity of 1.1 million tonnes per annum.

Shares of India’s largest stainless steel producing company, Jindal Stainless, surged over 13 percent to hit their fresh 52-week high of Rs 53 on BSE on August 21, a day after the company said India Ratings affirmed its ratings.

“…credit rating agency India Ratings and Research, a Fitch group company, has affirmed Jindal Stainless’ long-term issuer rating at ‘IND 888’ with a ‘stable’ outlook,” the company said in a BSE filing on August 20.

The company, on July 29, had announced that it had joined hands with the integrated container logistics company, Maersk, to ease and optimise the flow of containerised exports and imports between Jindal Stainless, Jajpur and Vizag Container Terminal (VCTPL).

Maersk would facilitate to and fro rail movement of containers between Vizag and Jindal Stainless Logistics Park (JSLP), a newly commissioned Inland Container Depot (ICD) located at Jajpur, Odisha.

Jindal Stainless is the largest stainless steel manufacturer in India with a capacity of 1.1 million tonnes per annum.

The state-of-the-art plant is located in Jajpur, in the state of Odisha. The plant comprises 250,000 tonnes per annum Ferro Alloy’s facilities with world-class technology and equipment.

Shares of Jindal Stainless traded 8.64 percent up at Rs 50.90 on BSE at 09:35 hours.

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