Jindal Stainless shares in news today as firm commences its first green hydrogen project

Shares of Jindal Stainless Ltd are in news today after the firm said it has commenced the maiden usage of green hydrogen in its stainless steel plant in Hisar, Haryana.

Jindal Stainless shares ended 2.87% higher at Rs 682.10 in the previous session on BSE. Market cap of the firm rose to Rs 56,166 crore. A total of 0.73 lakh shares changed hands amounting to a turnover of Rs 4.90 crore on BSE. The stock ended near its record high of Rs 685.85 touched in the same session.

The metal stock fell to a 52 week low of Rs 255 on April 13, 2023. The stock of the stainless steel maker has gained 19% this year and risen 144% in the last one year.

In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 67.3, signaling it's trading neither in the overbought nor in the oversold zone. Jindal Stainless stock has a one-year beta of 0.6, indicating low volatility during the period. Jindal Stainless shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

The fully automated plant has been set up in association with Hygenco Green Energies Private Limited, a global company engaged in deploying green hydrogen solutions. The alkaline bipolar electrolyser, which has a capacity of 350 Nm3/hr, guarantees on an average 90Nm3/hr round-the-clock supply of green hydrogen using dedicated solar energy and storage, said Jindal Stainless.

The facility aims at reducing around 54,000 tonnes of CO2 emissions over 20 years and is based on a long-term off-take agreement, added the firm.

Lauding the initiative, the Union Minister of Steel and Civil Aviation Jyotiraditya Scindia said, “I congratulate both Jindal Stainless Steel Ltd. and Hygenco for starting India’s first green hydrogen plant in the stainless steel sector. This path-breaking green hydrogen initiative will make the steel sector more green and sustainable.”

Managing Director of Jindal Stainless Abhyuday Jindal said, “Our commitment to sustainability goes much beyond this pilot project. This is just the beginning; we will scale this up depending on successful application into other processes of stainless steel manufacturing. We understand that sustainability is not just a goal to be achieved, but a journey that requires continuous effort and innovation.”