We present a stock idea Jindal Stainless Ltd. (JSL), the gold standard in stainless steel and on the verge of business evolution, with a fair value of Rs260. With its merger with Jindal Stainless Hisar (JSHL), the merged entity will command a towering 55% share, with limited competition. JSL's port and raw material proximity, international finishing capabilities coupled with JSHL's strategically located facility in key domestic consumption centres will drive synergies in the merged entity. The doubling of JSL's steel melt shop capacity and expansion of JSHL's value added Special Product division should be a growth accelerator, with emerging sources of demand such as Auto, railways and infrastructure. JSL's...