JSPL moves up as subsidiary to pare stake in India Energy Exchange

Jindal Steel & Power rose 1% to Rs 60.35 at 12:33 IST on BSE after the company said that its subsidiary Jindal Power has entered into a definitive agreement to divest 4.12% stake in India Energy Exchange.

The announcement was made after market hours yesterday, 14 March 2016.

Meanwhile, the S&P BSE Sensex was down 174.88 points or 0.71% at 24,629.40.

On BSE, so far 12.29 lakh shares were traded in the counter as against average daily volume of 15.48 lakh shares in the past one quarter. The stock hit a high of Rs 61.10 and a low of Rs 59.10 so far during the day. The stock had hit a 52-week high of Rs 196.30 on 13 March 2015. The stock had hit a 52-week low of Rs 48.20 on 12 February 2016. The stock had underperformed the market over the past one month till 14 March 2016, surging 7.75% compared with Sensex's 7.91% rise. The scrip had also underperformed the market in past one quarter, sliding 34.3% as against Sensex's 1.38% fall.

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

Jindal Steel & Power (JSPL) said that as part of the monetization plan already advised, Jindal Power, a subsidiary company of JSPL has entered into a definitive agreement to divest 4.12% holding in India Energy Exchange at an undisclosed amount and is expected to realize the consideration within the current financial year.

Jindal Steel & Power reported consolidated net loss of Rs 573.48 crore in Q3 December 2015, lower than net loss of Rs 1618.78 crore in Q3 December 2014. Net sales declined 16.9% to Rs 4133.30 crore in Q3 December 2015 over Q3 December 2014.

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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