JSPL tumbles on profit booking

Jindal Steel & Power fell 4.50% to Rs 270.80 at 11:31 IST on BSE on profit booking after the stock surged 15.26% in the preceding 11 trading sessions to Rs 283.55 on 6 December 2013, from a recent low of Rs 246 on 21 November 2013.

Meanwhile, the BSE Sensex was up 323.16 points, or 1.54%, to 21,319.69.

On BSE, 2.26 lakh shares were traded in the counter compared with average volume of 2.23 lakh shares in the past one quarter.

The stock hit a high of Rs 289.90 and a low of Rs 268.65 so far during the day. The stock hit a 52-week high of Rs 473.90 on 20 December 2012. The stock hit a 52-week low of Rs 181.55 on 2 August 2013.

The stock had outperformed the market over the past one month till 6 December 2013, rising 16.59% compared with the Sensex's 0.49% rise. The scrip had also outperformed the market in past one quarter, gaining 21.51% as against Sensex's 8.96% rise.

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

The Bombay Stock Exchange (BSE) will reshuffle various indices from 23 December 2013. As per the rejig plan, AXIS Bank will replace Jindal Steel & Power (JSPL) in the 30-share S&P BSE Sensex.

On a consolidated basis, JSPL's net profit tumbled 49.62% to Rs 452.07 crore on 4.96% increase in total income to Rs 4968.71 crore in Q2 September 2013 over Q2 September 2012.

The company said the drop in earnings were caused largely due to drop of 12-15% in price levels and interest and depreciation burden of investments made in Angul phase - 1 steel plant and upgradation of Raigarh steel plant.

JSPL 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