JSPL extends Wednesday's gains on buyback proposal

Jindal Steel and Power rose 1.97% to Rs 243.25 at 12:31 IST on BSE, with the stock extending Wednesday's gains triggered by the company's announcement that its board will meet on 30 August 2013, to consider a proposal for buyback of equity shares.

Meanwhile, the S&P BSE Sensex was up 299.52 points or 1.66% at 18,295.67.

On BSE, 1.90 lakh shares were traded in the counter as against average daily volume of 6.19 lakh shares in the past one quarter.

The stock hit a high of Rs 244.45 and a low of Rs 238.70 so far during the day. The stock had hit a 52-week high of Rs 473.90 on 20 December 2012. The stock had hit a 52-week low of Rs 181.55 on 2 August 2013.

The stock had outperformed the market over the past one month till 28 August 2013, surging 25.52% compared with the Sensex's 8.87% fall. The scrip had, however, underperformed the market in past one quarter, declining 22.11% as against Sensex's 10.74% fall.

The large-cap company has equity capital of Rs 93.48 crore. Face value per share is Re 1.

Shares of Jindal Steel and Power (JSPL) have risen 5.73% in two trading sessions from a recent low of Rs 230.05 on 27 August 2013, after the company announced after market hours on 27 August 2013 that its board of directors will meet on Friday, 30 August 2013, to consider a proposal for buyback of equity shares of the company. The stock had risen 3.69% to settle at Rs 238.55 on Wednesday, 28 August 2013.

JSPL's consolidated net profit surged 28.3% to Rs 494.28 crore on 4.1% decline in net sales to Rs 4490.80 crore in Q1 June 2013 over Q1 June 2012.

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