Jindal Steel and Power surges on planning to spend Rs 7,930 crore under PLI scheme for specialty steel

Jindal Steel and Power is currently trading at Rs. 549.35, up by 6.75 points or 1.24% from its previous closing of Rs. 542.60 on the BSE.

The scrip opened at Rs. 541.05 and has touched a high and low of Rs. 551.80 and Rs. 541.05 respectively. So far 24400 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 577.70 on 11-Apr-2022 and a 52 week low of Rs. 304.20 on 22-Jun-2022.

Last one week high and low of the scrip stood at Rs. 565.95 and Rs. 535.50 respectively. The current market cap of the company is Rs. 56135.45 crore.

The promoters holding in the company stood at 61.20%, while Institutions and Non-Institutions held 25.89% and 12.90% respectively.

Jindal Steel and Power (JSPL) is planning to spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country.

JSPL is one of the qualifiers of the government’s production linked incentive (PLI) scheme which aims to increase the output of value-added steel using new age technologies in the domestic steel sector.

On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme.

The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country.

Jindal Steel & Power is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India’s domestic energy and infrastructure requirement.

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