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Jindal Stainless shares rise 3% on acquiring stake in renewable energy SPV
Shares of Jindal Stainless rose over 3 per cent on Tuesday after it acquired a 33.6 per cent stake in a special purpose vehicle (SPV) to generate 282 megawatt (Mw) of hybrid renewable energy for the supply of clean energy to its manufacturing plants.
The iron and steel maker's stock rose as much as 3.02 per cent during the day to ₹662.5 per share, the biggest intraday loss since May 29 this year. The stock pared gains to trade 2.6 per cent higher at ₹660 apiece, compared to a 0.31 per cent decline in Nifty 50 as of 11:33 AM.
Shares of the company have gained for the second straight day and have recovered about 32 per cent from their April lows. The counter has fallen 5.4 per cent this year, compared to a 4.5 per cent advance in the benchmark Nifty 50. Jindal Stainless has a total market capitalisation of ₹54,389.3 crore.
Jindal Stainless acquires stake in renewable energy SPV
Jindal Stainless has acquired a 33.64 per cent equity stake in an SPV formed in partnership with Oyster Renewable Energy Pvt. Ltd. to develop a 282 Mw hybrid renewable energy project. The SPV, named Oyster Green, will supply power to Jindal Stainless's plants, supporting its transition to cleaner energy sources.
Oyster Green, a subsidiary of Oyster Renewable Energy and a related party due to a shared promoter group, is engaged in renewable energy development. The transaction has been executed on an arm's length basis.
The company expects to procure approximately 700 million units of power annually from the project, resulting in significant cost savings compared to grid power. Jindal Stainless has committed up to ₹132 crore towards the project, with ₹79.2 crore being invested in the current tranche following milestone achievements.
Jindal Stainless Q4 results
The company reported an 18.02 per cent year-on-year (Y-o-Y) increase in consolidated net profit in Q4 FY25 to ₹590.99 crore on the back of higher sales volume. Net profit in the year-ago period had stood at ₹500.74 crore.
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