50% Dividend: Multibagger Metal & Ferrous Co Net Profit Jumps 120% YoY

Mid cap metal and ferrous sector company Jindal Stainless Limited (JSL) today declared a surge of 120% YoY in its consolidated net profit to Rs 764 crore for the quarter ended September 30, 2023 as against Rs 347 crore declared in the corresponding period of last year. Last trading price of Jindal Stainless share on BSE is Rs 448.30 per share with intraday fall of 3.31%. Jindal Stainless shares offered a rally of 231% in last 1-year. Jindal Stainless' board also announced interim dividend of 50% i.e. Re 1 per equity share having FV of Rs 2 per equity share for the FY 2023-24. Record date for interim dividend is October 28, 2023. Check details below:

Jindal Stainless Q2: The company announced its consolidated revenue at Rs 9,797 crore, up 12% for the second quarter ended September 31 ,2023, according to its BSE filing. The company declared its earnings before interest, tax, depreciation, and amortisation stood at Rs 1,231 crore amid surge in domestic demand for stainless steel.
Abhyuday Jindal, managing director of Jindal Stainless said, "Our domestic sales are up by 15% YoY, buoyed by the government's push for stainless steel in strategic sectors. As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years."

Jindal Stainless Declares Interim Dividend: According to the BSE filing of the company issued today, "Payment of Interim dividend@ 50% i.e. Re. I per equity share (face value of Rs. 2 per equity share) for the financial year 2023-24 to those equity shareholders of the Company, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Saturday, October 28, 2023, which is the Record Date fixed for the purpose. The payment of Interim Dividend I dispatch of dividend warrants will be completed on or before November I 7, 2023."

Jindal Stainless About: India's leading stainless steel manufacturer, Jindal Stainless, has an annual melt capacity of 3 MT. It has two stainless steel manufacturing complexes in India, in the states of Haryana and Odisha, and an overseas unit in Indonesia - this unit serves the markets of South-East Asia and nearby regions. Jindal Stainless has a worldwide network in 15 countries and one service center in Spain. In India, there are 10 sales offices and six service centers. The Company's product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks, according to its official website.

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