Jindal Steel & Power hits over 4-month high, zooms 60% in one month

The company has emerged as the highest bidder for Gare IV/1 coal Block (rated capacity 6MTPA) in the recently held coal block auctions at a closing bid of Rs 230/t.

Shares of Jindal Steel & Power (JSPL) hit an over four-month high of Rs 150, up 11 per cent on the BSE on Thursday on expectation of raw material benefits led by lower coking coal costs to offset the decline in steel prices in the near term.

The stock of the steel company was trading at its highest level since June 27, 2019. It has rallied 60 per cent in the past one month. In comparison, the benchmark S&P BSE Sensex has gained 8 per cent, while S&P BSE Metal index has climbed 17 per cent during the same