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Jindal Stainless aims to achieve a 50% carbon emissions reduction well before 2035

08 December 20233 mins read by Angel One
The company plans to invest Rs 700 crore in various sustainability projects aimed at reducing 1.5 million tonnes of carbon emissions every year.
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Achieving 50% carbon emissions reduction 

Jindal Stainless (JSL) is set to achieve its mid-term target of 50% carbon emissions reduction well before the target year of 2035, as it marked its presence at the prestigious United Nations Confederation of Parties (COP) 28 climate summit for the first time.

The company signed an MoU with Renew Power for a 100 megawatt (MW) wind-solar hybrid renewable energy (RE) round-the-clock (RTC) project, due for commissioning in 2024. Other RE RTC projects underway will help the company achieve an overall capacity of 300 MW hybrid RE. These projects along with the green hydrogen plant will be game-changing in achieving the mid-term targets as the level of carbon emissions will begin to decline once the projects are integrated.

Company profile 

Incorporated in 1980, Jindal Stainless (JSL) is one of the largest stainless steel conglomerates in India and ranks amongst the top 10 stainless steel conglomerates in the world. JSL has been a leader in the stainless-steel industry in India for the past 40 years and manufactures stainless steel in flat products in austenitic, ferritic, martensitic and duplex grades. It operates an integrated stainless-steel plant at Jajpur, Odisha and has a total stainless-steel capacity of 2.9mtpa after recently undertaking capacity expansion from 1.9mtpa.

Stock price movement 

At 3 pm, Jindal Stainless shares were trading at Rs 538.50, up by 1.45% from its previous closing of Rs 530.80 on the BSE. Today, the stock opened at Rs 532 and has touched a high and low of Rs 541.95 and Rs 532, respectively. The BSE group ‘A’ stock of face value of Rs 2 has a 52-week high and low of Rs 547.50 and Rs 191, respectively. Last one week high and low of the scrip stood at Rs 545.00 and Rs 519.45 respectively. The current market cap of the company is Rs 44,053.75 crore.

The promoters holding in the company stood at 57.94%, while Institutions and Non-Institutions held 28.80% and 12.67%, respectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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