Jindal Stainless shares up on nickel supply pact with New Yaking

Jindal Stainless gains 4% on pact with New Yaking to secure nickel supply

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26 Aug, 2025 12:21

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Shares of Jindal Stainless gained four percent on March 29 after the stainless steel manufacturing company said it has entered into a pact with New Yaking in a major strategic move to ensure long-term availability of nickel.

The pact is for investment in the development, construction and operation of a Nickel Pig Iron smelter facility located in an industrial park in Halmahera Islands, Indonesia.

“Pursuant to the Collaboration Agreement, JSL (Jindal Stainless) will acquire a 49 percent equity interest for a consideration of around USD 157 million,” the company said in an exchange filing.

At 10:28 am, shares of the company were trading 1.8 percent higher at Rs 285 on the BSE. The scrip has risen over 1,000 percent in the past three years and is up 27 percent in the past three months.

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MD, Jindal Stainless, Abhyuday Jindal said, “This path breaking collaboration will enhance value for stakeholders with JSL acquiring a stake in nickel supply to create raw material security for its SS operations. This acquisition will usher a sharper competitive advantage to JSL in Indian and international markets.”

Nickel is a key ingredient used for producing stainless steel. Currently, the company meets the bulk of its nickel requirement through stainless steel scrap and Nickel Pig Iron (NPI)/ferro nickel and this collaboration will secure an ample supply of NPI for Jindal Stainless.

The company has two stainless steel manufacturing complexes in India, in the states of Haryana and Odisha, as well as an overseas manufacturing unit in Indonesia. Its product range includes stainless steel slabs, blooms, coils, plates, sheets, precision strips, blade steel, and coin blanks.