Jindal Stainless Steel to consider special dividend on April 18. Read on

Jindal Stainless Steel shares were quoting over 3 per cent lower at Rs 256.75 apiece on the BSE in the late morning deals on April 13. The company, in its regulatory filing, on April 12 informed that the Board of Directors of the Company is scheduled to hold a meeting on Tuesday, April 18, 2023, to consider and approve the declaration of a Special Interim Dividend for the financial year 2022-23.  

At 11:48 am, the stock pared some of its losses but was still trading nearly 2 per cent lower at Rs 260.55 on the BSE. In comparison, the benchmark S&P BSE Sensex traded over 200 points or 0.38 per cent lower at 60,160.63 levels.

Jindal Stainless Steel successfully completed the merger process of Jindal Stainless Hisar Limited (JSHL) with self recently and hence, decided to consider the declaration of a special dividend. Last week, the company informed that credit rating agency CRISIL has revised its outlook on the stainless steelmaker's long-term bank facilities and debt programme to 'AA-' with a positive outlook. 

The rating agency has revised its outlook in view of the company's improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and acquisitions, JSL said in a statement, PTI reported.

Some of the parameters that CRISIL Ratings took note of in order to elevate the outlook include the completion of the merger process of Jindal Stainless Hisar Limited (JSHL) with the company, the healthy financial risk profile of the company led by strong liquidity, its strategic acquisitions, an agile business model, and its ongoing capacity expansion project to 2.9 million tonnes per annum, the report added.