Jindal Steel & Power Ltd. will now be known as Jindal Steel Ltd., according to an exchange filing from the firm on Monday.
The change was approved by the company's board of directors and done in order to "align the company's brand identity with its core business and strategic focus", the filing said.
Lodha Developers Ltd., the company which was previously named Macrotech Developers Ltd., also changed its name on Monday, receiving sanction from the Registrar of Companies, of the Ministry of Corporate Affairs.
Jindal Steel has a notable presence in steel, mining, power and infrastructure industries. The firm has business operations in continents and nations, such as India, Africa and Australia.
Shares of Jindal Steel closed 0.20% higher at Rs 922.60 apiece on the NSE, compared to a 0.92% rise in the benchmark Nifty. The stock has fallen 10.8% in the last 12 months and 0.87% on a year-to-date basis.
Out of the 30 analysts tracking the company, 19 have a 'buy' rating on the stock, five recommend 'hold' and six suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 5.7%.
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