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JSL Stainless surges on getting nod to mop up Rs 750 crore via QIP

01 Dec 2011 Evaluate

JSL Stainless is currently trading at Rs 72.10, up by 1.75 points or 2.49% from its previous closing of Rs 70.35 on the BSE.

The scrip opened at Rs 75.00 and has touched a high and low of Rs 75.85 and Rs 72.00 respectively. So far 10955 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 2 has touched a 52 week high of Rs 113.05 on 04-Jan-2011 and a 52 week low of Rs 68.55 on 25-Nov-2011.

Last one week high and low of the scrip stood at Rs 81.00 and Rs 68.55 respectively. The current market cap of the company is Rs 1322.90 crore.

The promoters holding in the company stood at 39.60% while Institutions and Non-Institutions held 37.35% and 13.69% respectively.  

JSL Stainless has received its shareholders’ approval to mop up Rs 750 crore through qualified institutional placement (QIP), which could be used to part-fund the Rs 6,000 crore stainless steel manufacturing plant in Orissa. The company’s board gave its approval for the same earlier on November 03, 2011.

JSL Stainless manufactures stainless steel slabs, blooms, hot rolled and cold rolled coils, 60% of which are exported worldwide. It has a stainless steel making facility at Hissar and a ferro alloy plant at Vizag.

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