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1,950 Per Cent Multibagger Returns: Jindal Group Stainless Steel Company Announces Major Updates; Complete Details Inside

The shares of the prominent stainless steel manufacturer gained up to 5 percent after the company bagged a prestigious work order for Stainless Steel Seamless Boiler Tubes worth Rs 190 crore.

Venus Pipes & Tubes said that it has received LOI from one of India's leading integrated power plant equipment manufacturers for supplying stainless steel seamless boiler tubes worth Rs 190 crore.

Base prices for 100x50 channels remain firm, with primary market rates ranging from Rs 54,200/MT in Durgapur to Rs 58,400/MT in Chennai. Primary mills, backed by strong infra demand and rising input costs, may raise prices mid-May. EPC contracts finalized for Q2 are driving demand for heavy sections like ISMB 500+ and WPBs, with regional shortages emerging.

TMT prices have declined across key regions as distributors respond to weak demand. Market sentiment remains cautious, with further adjustments likely if inquiries don’t improve. Supply remains stable, but sustained low demand could lead to additional price cuts in the coming week.

Rs 350 crore Order Book: Pipe & Tube Manufacturer Secures Rs 190 Crore Order for Stainless Steel Seamless Boiler Tubes

Iron ore prices fell on Thursday due to expectations of steel output cuts in China. Dalian Commodity Exchange's September iron ore contract dropped 2.73% to 693.5 yuan, the lowest since April 11.

The Indian Stainless Steel Development Association (ISSDA) will approach the Commerce Ministry to investigate dumping of stainless steel items from China and Vietnam, affecting domestic industry competitiveness.

Rebar inventory rose 1.65% WoW to 6.14 million mt, while wire rod inventory increased 3.73% WoW to 1.22 million mt. Social inventories decreased for both.

Supreme Court cancels JSW's takeover of Bhushan Power & Steel, impacting lenders like PNB, which recovered ₹3,000 crore. PNB plans 11-12% credit growth and a ₹2.9 dividend.