Jindal Stainless shines on cash infusion in units

Jindal Stainless moved up 2.25% to Rs 131.30 at 10:32 IST on BSE after the company said it will invest Rs 500 in its Indian unit and $100 million in its Singapore unit in the next 2-3 years.

The scrip had touched a high of Rs 132.50 and a low of Rs 128.95 so far during the day. The stock had hit a 52-week high of Rs 243.80 on 5 December 2007 and a 52-week low of Rs 115.50 on 22 January 2008.

India's largest stainless steel maker by sales has an equity capital of Rs 30.12 crore. Face value per share is Rs 2.

At the current price of Rs 131.30, the scrip trades at a PE multiple of 9.56, based on Q3 December 2007 annualised EPS of Rs 13.73.

The net profit of Jindal Stainless declined 55.2% to Rs 50.60 crore on 6.7% fall in sales to Rs 1348.57 crore in Q3 December 2007 over Q3 December 2006.

Jindal Stainless, the flagship of O P Jindal group, is engaged in manufacture of stainless steel and special steel products.