India's Jindal Stainless up on plan to spend $647 mln on acquisitions, capacity expansion

Jindal Stainless

02/05/2024 05:13

** Shares of Jindal Stainless  JIST.NS  rose as much as 3.4%
in early trade, last up 1% to 714.15 rupees
    ** Co said on Wednesday it will invest nearly 54 bln rupees
($647.3 mln) for acquisitions and capacity expansion
    ** Co will report results in the coming weeks
    ** JIST stock rated "buy" on avg by analysts, JSW Steel
 JSTL.NS  and Tata Steel  TISC.NS  rated "hold" - LSEG data
    ** YTD, JIST up ~25%; TISC and JSTL up ~19% and ~1%,
respectively

($1 = 83.4290 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))