Jindal Stainless bulk deal: Stock nears fresh 52-week high as 33.69 lakh shares change hands
Shares of stainless steel maker Jindal Stainless Ltd gained for the seventh consecutive session today after iShares Core MSCI Emerging Markets ETF bought 33,69,538 shares of the firm at Rs 309.42 apiece in bulk deals on March 8. Jindal Stainless shares rose 4.73% to Rs 326.6 against the previous close of Rs 311.85 in the previous session. It hit a fresh 52 week high of Rs 329 on March 8.
The stock has gained 24.6% in the last seven sessions. The stock of the stainless steel maker has gained 33.33% this year and risen 73.76% in the last one year. Total 2.26 lakh shares of the firm changed hands amounting to a turnover of Rs 7.25 crore on BSE. Market cap of Jindal Stainless rose to Rs 16,697 crore.
In terms of technicals, the relative strength index (RSI) of Jindal Stainless stands at 77.4, signaling it’s trading in the overbought zone. Jindal Stainless stock has a one-year beta of 1.1, indicating high volatility during the period. Jindal Stainless shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages .The stock is technically trading in a bullish range.
The stainless steel stock has trebled investor wealth in less than a year. The steel stock, which hit a 52-week low of Rs 95.05 on June 20, 2022 reached a high of Rs 326 on March 9, 2023, translating into returns of 243% during the period. In over eight months, investors have gained over Rs 14,000 crore in wealth.
Jindal Stainless stock’s market cap rose to Rs 16,697 crore on March 9, 2023 against the market cap of Rs 1,907 crore on June 20 last year, translating into a gain of Rs 14,790 crore during the period.
Jindal Stainless stock is the top performer in the steel sector in terms of returns in the last six months. The stock zoomed 138.22% in the last six months outperforming peers such as Tata Steel, JSW Steel, Tata Steel, SAIL, Hindalco Industries and NMDC during the period.
In a period of three and five years, the Jindal Stainless stock has zoomed 731% and 271%, respectively.
Here’s a look at what experts said on the outlook of the stock.
Dr. Ravi Singh, Vice President and Head of Research, Share India said, “Jindal Stainless is trading above all its key moving averages (5, 20, 50, 100 and 200) and has been in uptrend since June 2022. However, the stock may witness some profit booking in next trading sessions and may touch the levels of Rs 580.”
Abhijeet from Tips2trade said, “Jindal Stainless looks bullish but also slightly overbought on the Daily charts with next resistance at 306. Investors should book profits at current levels and wait for a dip near support of Rs 240-243 to initiate fresh buy positions.”
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