Jindal Stainless’ share price continued to make gains for the fifth consecutive session on Monday as the stock went up over 1.5% to hit a new 52-week high of ₹400.75.
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The Investment: On 1st August 2022, Jindal Stainless was trading at ₹121 per share. Fast forward to today, the stock has hit a new 52-week high and is valued at ₹400.75. This means that an investment of ₹10,000 would have bought around 82 shares a year ago. Today, those 82 shares would be worth about ₹32,861.5, marking a significant increase in value.
Background: The company’s posted its June quarter earnings report last week. The stainless-steel manufacturer’s profit rose to ₹737.6 crore in the June quarter, a 45% increase compared to the same period last year, beating analysts’ estimates. Revenue was up 25% to ₹10,184 crore, while EBITDA margin was at 11.71%.
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Domestic brokerage firm ICICI Securities was also impressed by the company’s performance in the June quarter. The firm maintained its “buy” rating on the stock raising the price target to ₹455 from ₹390.
Price Action: JSL’s share price was up 1.30% to trade at ₹398.90 in the late hours of trading on Monday.
