Following RINL's blast furnace deal, Jindal Steel's shares increase by 2%

 Following RINL's blast furnace deal, Jindal Steel's shares increase by 2%

Following RINL's blast furnace deal, Jindal Steel's shares increase by 2%

According to the agreement between the firms, Jindal would deliver raw materials valued at Rs 800-900 crore or help with working capital, according to RINL's statement on Friday.

Through backward integration, the corporation uses its own coal and iron ore mines to create steel and electricity.

In early trading on December 26, shares of Jindal Steel & Power Ltd increased by 2% to 739 on the announcement that the business has signed a contract with Rashtriya Ispat Nigam Ltd (RINL) to run its Blast Furnace-3 (BF-3). Were operating at Rs.

The business said in an exchange filing on December 23 that "the furnace that fires up on December 30 will increase manufacturing by 2 lakh tonnes of hot metal per month."

The NSE counter was up 1.4% from the previous close at 9:20 am, trading at Rs 736. Since the start of the year, the stock has returned more than 22% on the stock market.

The business said that JSP's forthcoming state strip mill at Angul, which is expected to open shortly, would discharge extra liquid steel for rolling into slab casting and hot rolled coils via the partnership with RINL.

On December 30, 2023, BF-3 is scheduled to begin operating again, with a monthly capacity of 2 lakh tons of hot metal. According to the agreement between the firms, Jindal would deliver raw materials valued at Rs 800-900 crore or help with working capital, according to RINL's statement on Friday. According to a statement from JSPL, RINL would guarantee the private steel company's delivery of 90,000 tonnes of cast blooms in exchange.

Through backward integration, the corporation uses its own coal and iron ore mines to create steel and electricity.