Jindal Stainless Ltd's shares are up today as the company said that it has delivered high strength stainless steel for the Vande Metro train, which is set to begin operations in July. The previous session on the BSE saw Jindal Stainless shares close 4.63% higher at Rs 711.40. The firm's market capitalization climbed to Rs 58,579 crore. On the BSE, 0.46 lakh shares changed hands, for a total turnover of Rs 3.23 crore. The metal stock hit a 52-week low of Rs 270.55 on May 15, 2023. The stainless steel maker's stock is up 24% this year and 156% in the last year.
In terms of technicals, Jindal Stainless' relative strength index (RSI) is 53.8, indicating that it is neither overbought nor oversold. Jindal Stainless stock has a one-year beta of one, indicating average volatility over the time. Jindal Stainless' shares are trading above the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day, and 200 day moving averages.
The Vande Metro train was recently rolled out from Chennai's Integral Coach Factory. Jindal Stainless's "201LN" stainless steel makes coaches lighter and more energy efficient, the company claims.
Vande Metro Trains are shorter-distance variants of the 'Vande Bharat' Express trains. Vande Metro Trains aims to accommodate travelers going up to 250 kilometers.
"The stainless steel '201LN' is extremely corrosion resistant, has higher and superior durability and exhibits better crash-resistant properties thereby providing best-in class safety to passengers" , stated the statement.
