Jindal Stainless gets contract to supply speciality steels to BrahMos Aerospace, shares rise 2%

Jindal Stainless said that BrahMos Aerospace Pvt Ltd has accredited the steelmaker as a qualified vendor for the manufacturing and supply of steel sheets and plates from its Hisar plant in Haryana.

BrahMos has enlisted Jindal Stainless as supplier for its cruise missile following a stringent quality and credentials audit, the company said in a filing to the stock exchanges.

Shares of the company rose 2% to hit a high of ₹ 695.6 per share on the NSE. More than 4.4 lakh shares of the company changed hands on the exchange. However, the stock pared early gains to trade 1.12% higher at ₹688.95 apiece on the NSE at 12:21 pm.

Jindal Stainless shares have risen by around 70% in the past year while the stock has given returns of 20% in 2024 so far.

Jindal Stainless in a statement said that the accreditation from BrahMos highlights its commitment to producing high-quality materials essential for national security.

The company’s Hisar facility will manufacture and supply customised stainless steel and speciality low-alloy steel sheets and plates that meet the technical requirements of BrahMos Aerospace.

Jindal Stainless has supplied materials for key projects such as India’s lunar mission Chandrayaan, GSLV Mk3, PSLV and nuclear submarine missile system and variosu missile programmes under the DRDO and ISRO, and exhaust units in rockets.

Jindal Stainless recently developed and supplied 3 mm special alloy steel sheets for the Supersonic MissileAssisted Release of Torpedo (SMART) system, enhancing the Indian Navy’s anti-submarine warfare capabilities, it stated.

Jindal Stainless has 16 stainless steel manufacturing and processing facilities in India and abroad, including in Spain and Indonesia.

The company reported a 5% rise in sales volume to 578,000 tonnes in the June quarter against 570,000 tonnes in the year ago period. Net revenue sales increased to ₹10,027 crore in Q1FY25 from ₹9,585 crore in the year-ago period.