JSPL surges as subsidiary allots NCDs to Kotak Mahindra Bank

Jindal Steel & Power rose 4.67% at Rs 143.40 at 11:35 IST on BSE after the firm said its subsidiary allotted 5,000 non-convertible debentures for cash at par aggregating to Rs 500 crore in three series to Kotak Mahindra Bank.

The announcement was made during market hours today, 22 December 2014.

Shares of Kotak Mahindra Bank were up 1.29% at Rs 1,251.90.

Meanwhile, the S&P BSE Sensex was up 38.07 points or 0.14% at 27,409.91.

On BSE, so far 3.65 lakh shares of Jindal Steel & Power (JSPL) exchanged hands against average daily volume of 7.09 lakh shares in the past two weeks.

The stock hit a high of Rs 143.50 and a low of Rs 138.25 so far during the day. The stock had hit a 52-week high of Rs 350 on 9 June 2014. The stock had hit a 52-week low of Rs 125.05 on 17 December 2014.

JSPL said that the executive sub-committee of directors of Jindal Power, subsidiary of JSPL, at its meeting held today, 22 December 2014, allotted 5,000 privately placed rated redeemable unsecured non-convertible debentures for cash at par aggregating to Rs 500 crore in three series to the Kotak Mahindra Bank.

JSPL's consolidated net profit declined 2.3% to Rs 441.83 crore on 5.3% growth in net sales to Rs 5072.67 crore in Q2 September 2014 over Q2 September 2013.

Jindal Steel & Power 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