Jindal Steel & Power slips as Q1 net loss widens

Jindal Steel & Power fell 3.52% to Rs 83.50 on the BSE after the company reported consolidated net loss of Rs 1082.15 crore in Q1 June 2016, higher than net loss of Rs 542.42 crore in Q1 June 2015.

On BSE, so far 7.09 lakh shares were traded in the counter, compared with average daily volume of 21.90 lakh shares in the past one quarter. The stock hit a high of Rs 84.50 and a low of Rs 81.50 so far during the day. The stock hit a 52-week high of Rs 98.10 on 31 December 2015.

The stock hit a 52-week low of Rs 48.20 on 12 February 2016. The stock had outperformed the market over the past 30 days till 8 September 2016, rising 7.85% compared with 4.57% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 34.39% as against Sensex's 9.05% rise.

Jindal Steel & Power (JSPL) total income rose 4.34% to Rs 4686.60 crore in Q1 June 2016 over Q1 June 2015. Higher revenues in Jindal Power (JPL) & Oman helped consolidated turnover rise 6% to Rs 4655 crore in Q1 June 2016 over Q1 June 2015.

JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.