Shares of Jindal Stainless Ltd are in news today after the iron and steel maker said its board has approved the acquisition of 100% equity stake in AGH Dreams Private Limited and Utkrisht Dream Ventures Private Limited. Jindal Stainless shares ended 0.55% lower at Rs 596.50 in the previous session on BSE. Market cap of the firm stood at Rs 49,137 crore. A total of 0.24 lakh shares changed hands amounting to a turnover of Rs 1.40 crore on BSE.
The metal stock fell to a 52 week low of Rs 568.70 on February 17, 2025. The stock of the stainless steel maker has fallen 14% this year and risen lost 10% in the last one year.
In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 42.8, signaling it's trading neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 1.1, indicating high volatility during the period. Jindal Stainless shares are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
"The sub-committee of Board of Directors of Jindal Stainless Limited (the “Company”) in its meeting held today i.e. February 27, 2025, approved the acquisition of 100% equity stake in ‘AGH Dreams Private Limited’ and ‘Utkrisht Dream Ventures Private Limited’, each for an aggregate consideration of Rs 1 Lakh. Both entities will henceforth be whollyowned subsidiaries of the company," said Jindal Stainless.
The company will use ADPL and UDVPL to explore the possibility for development of new expansion projects, it added.