Jindal Steel & Power extends support to RINL in Historic Collaboration

Jindal Steel & Power (JSP) has entered into an MoU with Rashtriya Ispat Nigam Limited (RINL) for the operationalization of RINL's Blast Furnace-3 (BF-3). The furnace, set to be lit up on December 30, 2023, will boost production by 2 lakh tonnes of Hot Metal per month.

The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into Hot Rolled Coils from JSP's upcoming state-of-the-art Hot Strip Mill at Angul which is slated for commissioning soon.

"We extend our heartfelt congratulations and best wishes to the management and employees of RINL for embarking on this partnership based on a win-win relationship that also adds substantial value to the exchequer." expressed Mr Bimlendra Jha, Managing Director of Jindal Steel & Power, in a statement.

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 726.85 as compared to the previous close of Rs. 706.55. The total number of shares traded during the day was 90461 in over 3248 trades.

The stock hit an intraday high of Rs. 730.55 and intraday low of 708.00. The net turnover during the day was Rs. 65125617.00.

Source : Equity Bulls

Keywords

JindalSteelandPower INE749A01030 MoU RashtriyaIspatNigam RINL BlastFurnace3 HotMetal SlabCasting HRCoils