Jindal Stainless has a glint

Jindal Stainless is doing well today morning, with the stock currently being up almost 3% at Rs.48.35, a tad lower than its intra day high at Rs.49.20. Remains remain low at 17,000 shares.

The stock is up on market buzz that the company has struck a deal with Posco for production of alloy used in cars and home appliances. As per unconfirmed reports, Jindal will sell stainless steel to Posco which are then to be rerolled at Posco’s SE Asia units. Jindal Stainless had ended Q3FY14 with a net loss at Rs.257 crore v/s Rs.110 crore on YoY.