Shares of Jindal Stainless Steel fell more than 3% to Rs 256.75 per share on the BSE in morning trade on April 13. In a regulatory filing dated April 12, the company advised that the company’s board of directors plans to meet on Tuesday, April 18, 2023, to consider and approve the declaration of a special interim dividend for the 2022-23 financial year.

The stock pared some of its losses on the BSE at 11:48 am but was still down nearly 2% at Rs 260.55. The benchmark S&P BSE Sensex traded down more than 200 points, or 0.38%, to 60,160.63.

Jindal Stainless Steel has recently successfully completed the merger process of Jindal Stainless Hisar Limited (JSHL) with itself and has therefore decided to consider a special dividend. Last week, the company informed credit rating agency CRISIL that it had revised its outlook on the stainless steelmaker’s long-term bank loan and debt program to ‘AA-‘ with a positive outlook.

In a statement, JSL said the rating agency had revised its outlook considering the company’s improving business risk profile, expected growth in scale and forward integration with capacity expansions and acquisitions, PTI reported.

Some of the parameters CRISIL Ratings noted to boost the outlook include the completion of the merger process between Jindal Stainless Hisar Limited (JSHL) and the company, the company’s strong liquidity position, strategic acquisitions, strategic acquisitions, a flexible business model, and its Ongoing capacity expansion project of 2.9 million tons per annum.