Jindal Steel gains after executing Indian Railways order

Jindal Steel & Power was up 1.69% to Rs 132.6 at 11:55 IST on the BSE after the company said it successfully executed supply of 126604 tonnes of rails to Indian Railways.

The announcement was made during market hours today, 31 July 2019.

Meanwhile, the S&P BSE Sensex was up by 25.73 points or 0.07% to 37,422.83.

On the BSE, 4.01 lakh shares were traded in the counter so far compared with average daily volumes of 6.63 lakh shares in the past two weeks. The stock had hit a high of Rs 133.7 so far during the day and had hit a low of Rs 128.4 so far during the day. The stock hit a 52-week high of Rs 246 on 21 September 2018 and 52-week low of Rs 123.3 on 6 February 2019.

Jindal Steel & Power (JSPL) has successfully executed the first-ever Rail order to Indian Railways on 29 July 2019. JSPL has supplied 126604 tonnes of long rails to Indian Railways in record time and far ahead of schedule. Out of this total quantities, JSPL supplied 97,400 tonnes of long rails on 22 April 2019, in record time and four months ahead of schedule. The total value of the contract was at Rs. 732 crore.

In addition to long rails orders from Indian Railways, JSPL is also expecting orders of a minimum volume of 2 lakh tonnes per annum of 13/26 metre rails from Rail Vikas Nigam (RVNL) and IRCON International.

On a consolidated basis, Jindal Steel & Power's reported net loss of Rs 437.56 crore in Q4 March 2019 compared to net profit of Rs 35.11 crore in Q4 March 2018. Net sales grew 18.4% to Rs 10,094.19 crore in Q4 March 2019 over Q4 March 2018.

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

Powered by Capital Market - Live News