JSPL shines after bagging additional order from Indian Railways

Jindal Steel & Power rose 1.37% to Rs 140.50 at 15:12 IST on BSE after the company announced securing additional order from Indian Railways for 30,000 Tonnes Long Rails.

The announcement was made during market hours today, 18 February 2019.

Meanwhile, the S&P BSE Sensex was up 326.25 points or 0.91% at 35,482.70

On the BSE, 8.60 lakh shares were traded on the counter so far as against average daily volumes of 12.38 lakh shares in the past two weeks. The stock had hit a high of Rs 143.90 and a low of Rs 139.20 so far during the day.

Jindal Steel & Power (JSPL) said that the company has been awarded an additional order for supply of 30,000 tonnes under the same global tender. The additional order enhances the order size by over 30%, with the overall order size now estimated at around Rs 650 crore.

This order followed first ever order from Indian Railways for supply of close to 1 lakh tonne in 2018. So far JSPL has supplied close to 62,400 Tonnes of Rails out of the earlier order, and is in track to complete the 1 lakh Tonne order ahead of time. Deployment of Rails manufactured by JSPL has already commenced for laying tracks under the modernization and expansion plans of Indian Railways.

JSPL reported consolidated net loss of Rs 24.05 crore in Q3 December 2018, higher than net loss of Rs 265.99 crore in Q3 December 2017. The company's net sales rose 36.66% to Rs 9,434.98 crore in Q3 December 2018 over Q3 December 2017.

JSPL has a dominant presence in steel, power, mining and infrastructure sectors. It caters to markets across the steel value chain.

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