Shares of Jindal Stainless Ltd rose 3% to touch a day’s high of Rs 665.50 on 3rd June after it acquired a 33.6% stake in a special purpose vehicle (SPV) to generate 282 megawatts (MW) of hybrid renewable energy for supplying clean power to its manufacturing plants.

Jindal Stainless acquired a 33.64% stake in Oyster Green, a special purpose vehicle (SPV) formed with Oyster Renewable Energy to develop a 282 MW hybrid renewable energy project.

Oyster Green will supply clean energy to Jindal Stainless plants, supporting its shift toward renewable power. The deal was conducted on an arms-length basis despite both companies sharing a common promoter group.

The company expects to receive approximately 700 million units of power annually from the project, which will help reduce energy costs compared to grid power.

Jindal Stainless has committed up to Rs 132 crore for the project, with Rs 79.2 crore already invested in the current tranche, following the achievement of key milestones.

In Q4 FY25, Jindal Stainless posted a consolidated net profit of Rs 590.99 crore, up 18.02% from Rs 500.74 crore in the same quarter last year, driven by higher sales volume.

Consolidated revenue rose 7.87% year-over-year to Rs 10,198 crore, but sequentially, net profit fell 9.8% even as revenue grew 2.9%.

At 12:38 PM, the shares of Jindal Stainless Ltd were trading 3.20% higher at Rs 663.60 on NSE.

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