In a major rating upgrade assigned by CARE Ratings, the ratings assigned to the long-term bank facilities of Jindal Stainless (Hisar) Limited (JSHL) have been upgraded from CARE A+ to CARE AA- with a stable outlook. The rating for short-term bank facilities of the Company has been reaffirmed at CARE A1+. As per the report released by CARE, the ratings derive strength from the experience of the group and its dominant market position in the stainless steel industry. The standalone and combined business and financial risk profiles of JSL and JSHL, as stated by CARE, have broadly converged over the last one year.
The upgrade factors in significantly better-than-expected operational and financial performance of JSHL and Jindal Stainless Limited (JSL) during the current fiscal year, supported by growing sales volumes with greater proportion of value-added products.
Commenting on this upgrade, Managing Director, JSHL, Mr Abhyuday Jindal said, "The ratings reflect our perennial focus on fundamentals; which is constituted of financial prudence, operational efficiency, and a healthy product mix. Despite volatility in prices of input materials, we have been able to maintain our margins. Our capacity expansion plans are on track, which will augment the proportion of specialty stainless steel in Hisar's offerings, both for our domestic as well as international markets."
Shares of Jindal Stainless (Hisar) Limited was last trading in BSE at Rs. 365.65 as compared to the previous close of Rs. 365.95. The total number of shares traded during the day was 34413 in over 2649 trades.
The stock hit an intraday high of Rs. 374.95 and intraday low of 353.15. The net turnover during the day was Rs. 12577985.00.