JSPL gains on buyback proposal

Jindal Steel and Power rose 1.7% to Rs 233.90 at 13:44 IST on BSE, after the company scheduled a board meeting on Friday, 30 August, 2013, to consider a proposal for buy-back of equity shares of the company.

The company made the announcement after market hours on Tuesday, 27 August 2013.

Meanwhile, the S&P BSE Sensex was down 157.33 points or 0.88% at 17,810.75

On BSE, 3.68 lakh shares were traded in the counter as against average daily volume of 6.13 lakh shares in the past one quarter.

The stock hit a high of Rs 239.50 and a low of Rs 226.35 so far during the day. The stock had hit a 52-week low of Rs 181.55 on 2 August 2013. The stock had hit a 52-week high of Rs 473.90 on 20 December 2012.

The stock had outperformed the market over the past one month till 27 August 2013, rising 21.05% compared with the Sensex's 9.01% fall. The scrip, however, underperformed the market in past one quarter, declining 24.76% as against Sensex's 10.3% slide.

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

Jindal Steel and Power (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.

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