India's Jindal Stainless down on Q4 profit fall

Jindal Stainless

16/05/2024 05:27

** Shares of Jindal Stainless  JIST.NS  fall as much as 8.5%
to 625 rupees, last down 1.6%
    ** India's biggest stainless steel maker by volumes reports
a 34.6% fall in Q4 profit on softer steel prices
    ** JIST on track for second straight session of losses; it
had gained 21% in March-qtr for seven consecutive quarterly
gains
    ** More than 2.5 mln shares change hands, nearly two times
the 30-day avg 
    ** Eight analysts covering the stock on average have a "buy"
rating; median PT is 738.50 rupees - LSEG data
    ** Stock up ~17% YTD, had more than doubled in 2023 for
fifth straight year of gains

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))