JSPL stock gains about 4 pc intra-day

Shares of Jindal Steel and Power today surged by nearly 4 per cent before settling marginally higher after reports surfaced that no evidence of cartelisation was found in bids by the company for coal blocks.
Shares of the company opened on a bullish note at Rs 158.15 and then surged 3.69 per cent to an intra-day high of Rs 161.35. The stock, however, pared gains to end at Rs 156.60, up 0.64 per cent on the BSE.
Similar movement was seen on the NSE, where the stock opened at Rs 159,70, then jumped 3.72 per cent to a day's high of Rs 161.50. It finally settled at Rs 155.90, up 0.13 per cent over its previous closing price.

The Delhi High last week observed that the rejection of winning bids of Jindal Power & Steel (JSPL) for two coal blocks in Chhattisgarh was 'prima facie' wrong as the government was making a mistake in comparing the bids with quotes received for other blocks.
Jindal Power (JPL) had bid successfully for two mines -- Gare Palma IV/2 and IV/3 -- but the government had annulled the firm's tender later.
The court also decided to make Coal India the custodian of these two mines as an interim measure.
Meanwhile, media reports suggested that there was "no conclusive proof indicating any collusive bidding, nor any complaint received about the e-auction platform obstructing bidders from submission of bids".