Jindal Stainless drops as Q2 net loss widens

Jindal Stainless lost 1.06% to Rs 37.20 at 14:25 IST on BSE after the company reported net loss of Rs 411.97 crore in Q2 September 2013, higher than net loss of Rs 152.26 crore in Q2 September 2012.

The Q2 result was announced after market hours on Monday, 28 October 2013.

Meanwhile, the S&P BSE Sensex was up 335.31 points or 1.63% at 20,905.59.

On BSE, 24,000 shares were traded in the counter as against average daily volume of 1.13 lakh shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.39% at the day's low of Rs 36.70 so far during the day. The stock rose as much as 0.53% at the day's high of Rs 37.80 so far during the day. The stock had hit a 52-week high of Rs 88.70 on 11 December 2012. The stock had hit a 52-week low of Rs 36.30 on 9 October 2013.

The stock had underperformed the market over the past one month till 28 October 2013, sliding 3.22% compared with the Sensex's 4.27% rise. The scrip had also underperformed the market in past one quarter, declining 18.97% as against Sensex's 4.16% rise.

The small-cap company has equity capital of Rs 40.82 crore. Face value per share is Rs 2.

Jindal Stainless' net sales rose 23.4% to Rs 3032.47 crore in Q2 September 2013 over Q2 September 2012.

Jindal Stainless is engaged in manufacturing stainless steel. The products include stainless steel hot rolled and cold rolled coils, plates and flats, slabs and blooms. The products are used in nuclear plants, thermal power plants, petrochemicals, pharmaceutical, process industry, dairy industry, breweries and many more areas like, railways and coinage.

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