JSPL firms up by 6 pc after Delhi High Court decision

Shares of Jindal Steel and Power Ltd today settled with a gain of nearly six per cent after Delhi High Court today directed a technical committee to review its own decision to change the end-use of two coal blocks earlier alloted to JSPL and removing the mines from the auction.
A bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva took out Utkal B1 and B2 blocks in Odisha and Gare Palma IV/6 in Chhattisgarh, from the auction process, saying that while changing end-use of these blocks to power sector, the aspect of its adverse impact on steel sector "has not been considered".

JSPL had been allocated Utkal B1 for operating a steel unit and Gare Palma IV/6 for a sponge iron industry. However, the allocations, along with with others, were cancelled by Supreme Court last year.
Reacting to the development, shares of the company jumped 8.06 per cent to touch an intra-day high of Rs 154.10. By the end of the day, the stock lost some ground and settled at Rs 151.10, higher by 5.96 per cent over its previous closing.
Accordingly, the market capitalisation of the company improved by Rs 777.2 crore to Rs 13,824.20 crore at the end of today's trading session. The market capitalisation of the company stood at Rs 13,047 crore on February 10.