JSPL shares rise nearly 2% after promoters raise stake in metal company

At 12:00 PM, the shares of JSPL were trading 1.42% higher at ₹872.35 apiece on the NSE. The stock had slipped to a 52-week low of ₹723.95 on January 31, 2025, however, it rebounded well thereafter, gaining more than 20%.

On February 19, 2025, the company disclosed to the exchanges that Jindal Power has acquired a total of 3,76,579 equity shares of Jindal Steel & Power Limited on February 17, 2025, which means another 0.03% stake addition by JPL. As per the release Jindal Power Limited & List of PAC have acquired the shares and disclosed that the Acquirer is a part of the Promoter group of the Target Company.

Jindal Power Ltd thereby post acquisition holds 96,96,320 share of Jindal Steel and Power Ltd which means 0.95% stake in Jindal Steel and Power. Before the acquisition, Jindal Power held 93,19,741 shares of Jindal Steel and Power Ltd which means 0.913% stake in the JSPL company.

Jindal Stainless Ltd(JSL) on Wednesday, January 29, reported a 5.35% year-on-year (YoY) decline in its consolidated net profit to ₹654.27 crore in the third quarter of the 2024-25 fiscal (Q3 FY25). In the corresponding period last year, the net profit stood at ₹691.22 crore.

However, the company’s total income for the three months ended December 31, 2024, increased 9.16% to ₹10,006.41 crore, compared to ₹9,166.42 crore in the same period a year earlier (Q3 FY24).

The stainless steel manufacturer’s revenue for Q3 FY25 stood at ₹9,907 crore, jumping 8.5% from ₹9,127 crore last year. Its expenses increased to ₹9,101.90 crore during the period under review, up 10.16% from ₹8,262.66 crore in Q3 FY24.

The company has approved an interim dividend of ₹1 per equity share, with a face value of ₹2 per equity share for the financial year 2024-25.

“Recent times in the Indian steel and stainless steel industry have been witness to the adverse effects of subsidised dumping of inferior quality products by countries having surplus capacities. With India still being the fastest growing major economy globally, the domestic industry needs immediate government measures to stop dumping of surplus quantities into India, and circumvention of quality norms through several FTA countries,” Abhyuday Jindal, Managing Director of Jindal Stainless commented on the Q3 results.

The company's third-quarter performance in the current fiscal is a “testimony to its overall competitiveness even in the face of rising imports, and our adequacy in meeting domestic demand across all sectors,” he highlighted.

Shares of Jindal Steel And Power closed 2.21% higher at ₹879.15 apiece on the NSE.