Jindal Stainless Q2 profit more than doubles, board declares interim dividend

Shares of Jindal Stainless Ltd are in news today after the firm reported a 120 percent year-on-year (YoY) rise in net profit for the quarter ended September 2023. Additionally, an interim dividend of Rs 1 per equity share (face value of Rs 2) for FY24 was issued by the company's board. October 28, 2023 has been designated as the record date for the purpose of calculating members' entitlements for payment purposes.

Technically speaking, Jindal Stainless's relative strength indicator (RSI) is 41.9, indicating that it is neither trading in the overbought or oversold regions. The one-year beta of Jindal Stainless's stock is 0.6, suggesting minimal volatility throughout that time. The price of Jindal Stainless shares is greater than the 100, 150, and 200 day moving averages but lower than the five, ten, twenty, and fifty day moving averages.

After a net profit of Rs 347 crore in the September 2022 quarter, profit increased to Rs 764 crore in the second quarter.

In the second quarter of the previous fiscal year, Jindal Stainless's total revenue was Rs 9,797 crore, a 12% increase over Rs 8,751 crore during the same time.