JSPL declines on equity dilution concerns

Jindal Steel & Power declined 0.98% to Rs 65.90 at 14:10 IST on BSE on equity dilution concerns after the board of directors approved issuance of further securities of upto Rs 5000 crore along with issuance of NCDs.

The announcement was made after market hours yesterday, 21 June 2016.

Meanwhile, the S&P BSE Sensex was down 120.26 points or 0.45% at 26,692.52.

On BSE, so far 6.01 lakh shares were traded in the counter as against average daily volume of 14.91 lakh shares in the past one quarter. The stock hit a high of Rs 67.60 and a low of Rs 65.25 so far during the day. The stock had hit a 52-week low of Rs 48.20 on 12 February 2016. The stock had hit a 52-week high of Rs 98.10 on 31 December 2015. The stock had outperformed the market over the past one month till 21 June 2016, gaining 11.1% compared with the Sensex's 5.97% rise. The scrip had also outperformed the market in past one quarter, rising 10.36% as against Sensex's 6.04% rise.

The mid-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.

Jindal Steel & Power that the board of directors of the company at its meeting held on 21 June 2016, approved issuance of non-convertible debentures of upto Rs 5000 crore and also approved issuance of further securities upto Rs 5000 crore.

Jindal Steel & Power (JSPL) reported consolidated net loss of Rs 371.34 crore in Q4 March 2016, lower than consolidated net loss of Rs 519.30 crore in Q4 March 2015. Net sales rose 5.8% to Rs 4742.62 crore in Q4 March 2016 over Q4 March 2015.

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

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