Mumbai, October 23 (Udaipur Kiran): Shares of Jain Resource Recycling gained more than 3% on Wednesday after the company announced a joint venture (JV) agreement with C&Y Group Investments, Inc. to set up a recycling and manufacturing facility in Ahmedabad, Gujarat.
The stock opened at Rs. 361.10 on the BSE and surged to a 52-week high of Rs. 388.15, before settling at Rs. 367.25, up Rs. 11.45 or 3.22% from its previous close of Rs. 355.80. A total of 12.7 lakh shares changed hands during the trading session.
With a market capitalization of Rs. 12,731.94 crore, the BSE group ‘B’ stock of face value Rs. 2 has traded between Rs. 388.15 and Rs. 247.80 over the past 52 weeks. The promoters hold 73.59% stake in the company, while institutional and non-institutional investors hold 12.85% and 13.56%, respectively.
Under the JV agreement, the two companies will establish a private limited entity in India to focus on recycling various scrap materials, including cables, motors, alternators, starters, motor coils, transformers, meatballs, and other copper-based waste.
As part of the deal, C&Y Group Investments will ensure a guaranteed annual supply of scrap materials at competitive prices, supporting a stable and efficient supply chain. This collaboration is expected to help Jain Resource Recycling expand its presence in the global recycling industry, while enhancing its domestic value chain capabilities.
Jain Resource Recycling, along with its subsidiaries, is engaged in the recycling and production of non-ferrous metals in India. Its product portfolio includes lead and lead alloy ingots, copper and copper ingots, and aluminium and aluminium alloys.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.