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Shares of Jindal-controlled Jindal Steel & Power (JSPL) fell nearly 2% to Rs 167 on the NSE after the company reported a 12% decline in consolidated profit after tax at Rs 400 crore for the quarter ended September 30, 2014, primarily due to a 53% increase in interest and depreciation burden.
Profit after tax, minority interest and share of profit/loss of associates at Rs 441.8 crore though was down only 2.3% compared to the year ago quarter, and was higher than Bloomberg estimates of Rs 399 crore.
The company said that despite many unfavourable developments - de-allocation of its coal mines; reduced demand for steel due to monsoon season; major difficulties encountered in importing raw material due to heavy congestion at ports; and non-availability of rail transport out of ports - its consolidated second-quarter turnover rose six per cent over the year-ago period.
The stock opened at Rs 172, touched a high of Rs 173 and a low of Rs 166 on the NSE. A total of 39,29,204 shares have changed hands on the NSE so far.
