Shares of Jindal Stainless hit a new high of Rs 263 in intraday trade on Friday, up 7% on the BSE, as a strong business outlook led to heavy trading. The steel company’s share price surpassed its previous high of Rs 255, recorded on January 2, 2023. In contrast, the S&P BSE Sensex rose 0.04% to 60,881 at 11:17 am.

Shares of Jindal Stainless have doubled or gained 99% in the past three months, compared with a 2.9% gain in the S&P BSE Sensex. It has gained 23% over the past month, compared with a 1.3% decline in the benchmark index.

Meanwhile, conglomerate Jindal Stainless (Hisar) also hit a fresh high of Rs 471.90, up 3% intraday today. The stock has risen 84% over the past three months. Both companies are scheduled to report results on Monday, January 23.

Jindal Stainless (comprising Jindal Stainless and Jindal Stainless (Hisar)), founded by Shri OP Jindal in 1970, has an annual melting capacity of 1.9 tonnes and an annual turnover of $4.2 billion (as of March 22). The company is already expanding, with a yearly melting capacity of 2.9 tonnes by the end of FY23.

On December 5, 2022, Jindal Stainless signed a contract with ReNew Power, India’s largest renewable energy company, to develop a utilityscale captive renewable energy project to supply electricity to its facility in Jajpur, Odisha.