Jindal Stainless Shares Slip After Acquisition Of AGH Dreams And Utkrisht Dream Ventures

Jindal Stainless Ltd.'s shares fell over 3% after the company announced the acquisition of two subsidiaries. In the board meeting held on Feb. 27, 2025, the company approved the acquisition of 100% stake in AGH Dreams Pvt., and Utkrisht Dream Ventures Pvt., each for an aggregate consideration of Rs 1 lakh. Both entities will now be wholly-owned subsidiaries of Jindal Stainless, according to an exchange filing.

The company will use ADPL and UDVPL to explore the possibility for development of new expansion projects. There is no approval required on the regulatory front for this acquisition, the company said.

Jindal acquired 10,000 equity shares of ADPL, of face value of Rs 10, aggregating to Rs 1 lakh. While, 10,000 equity shares of UDVPL were acquired at a face value of Rs 10 each, aggregating to Rs 1 lakh.

Jindal Stainless share price fell as much as 3.01% during the day to Rs 578.6 apiece on the NSE. It was trading 1.60% lower at Rs 587 apiece, compared to a 1.29% decline in the benchmark Nifty 50 as of 11:41 a.m.

The stock was down 11.23% in the last 12 months. The relative strength index was at 44.5.

All 11 analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The 12-month analysts' consensus target price on the stock was Rs 823.4, implying an upside of 40.3%.