Jindal Steel shares surge over 2% as company to double structural steel capacity at Raigarh plant

Shares of Jindal Steel, country's leading steel maker, rose as much as 2.44% to hit an intraday high of ₹1,010.60 on the National Stock Exchange on Monday, December 29. On the BSE, Jindal Steel advanced as much as 2.38% to hit an intraday high of ₹1,010 after the company informed exchanges that it plans to double the structural steel capacity 2.4 million tonnes per annum at its Raigarh plant.

In a statement, the Naveen Jindal Group company "announced a significant expansion of its structural steel manufacturing capabilities at its Raigarh facility, under which the company will double its existing structural steel capacity from 1.2 million tonnes per annum (MTPA) to 2.4 MTPA by mid 2028".

The expansion will substantially enhance the availability of heavy and ultra-heavy structural steel sections in India and support Jindal Steel's leadership in the segment, the company said.

As part of the expansion, Jindal Steel said it will commission a new, dedicated structural steel mill, alongside advanced upstream and downstream technology upgrades.

The company manufactures parallel flange sections ranging from 100 mm to 900 mm, with sectional weights of up to 333 kg per metre.

With the ongoing expansion, production capability will extend to ultra-heavy sections reaching 1,100 mm depth and 1,500 kg per metre.

The company did not disclose the value of the expansion plan.

Jindal Steel Q2 Results

Jindal Steel, according to PTI, posted over a 26% year-on-year (YoY) fall in consolidated net profit to ₹635.08 crore for the September quarter on account of an increase in expenses.

The company had clocked a net profit of ₹860.47 crore in the July-September period of the preceding 2024-25 financial year, the Naveen Jindal Group entity said in an exchange filing.

However, the company's total income rose to ₹11,707.82 crore from ₹11,248.14 crore in the second quarter a year ago.

Total expenses also increased to ₹10,725.55 crore from ₹10,034 crore in the year-ago period.

As of 2:32 pm, Jindal Steel shares traded 0.72% higher at ₹994, outperforming the NIFTY50 index which was down 0.4%.