JSPL slips after brokerage downgrade

Jindal Steel & Power fell 1.25% to Rs 277.05 at 13:35 IST on BSE after a foreign brokerage downgraded the stock to sell from underperform.

Meanwhile, the BSE Sensex was up 18.97 points, or 0.09%, to 22,233.34.

On BSE, so far 84,000 shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.

The stock hit a high of Rs 282 and a low of Rs 275.65 so far during the day. The stock hit a 52-week high of Rs 360.50 on 3 April 2013. The stock hit a 52-week low of Rs 181.55 on 2 August 2013.

The stock had underperformed the market over the past one month till 27 March 2014, sliding 17.31% compared with the Sensex's 5.85% rise. The scrip had also outperformed the market in past one quarter, rising 7% as against Sensex's 4.82% rise.

The large-cap company has an equity capital of Rs 92.63 crore. Face value per share is Re 1.

The brokerage cut its target price on the Jindal Steel & Power (JSPL) stock to Rs 230 per share from Rs 250 per share.

On a consolidated basis, JSPL net profit fell 35.26% to Rs 561.51 crore on 12% increase in total income from operations to Rs 5377.37 crore in Q3 December 2013 over Q3 December 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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