Jindal Drilling spurts after settling arbitration award

Jindal Drilling & Industries surged 8.24% to Rs 164.80 at 12:55 IST on BSE after the company announced that through a settlement an arbitration award for an amount of $31.77 million was settled for $9.10 million.

The announcement was made after market hours yesterday, 21 March 2018.

Meanwhile, the S&P BSE Sensex was down 14.17 points, or 0.04%, to 33,122.01. The S&P BSE Small-Cap index was down 107.45 points, or 0.62%, to 17,136.97.

On the BSE, so far 3.08 lakh shares were traded in the counter, compared with average daily volumes of 7,082 shares in the past two weeks. The stock had hit a high of Rs 176.40 and a low of Rs 154 so far during the day. The stock hit a 52-week high of Rs 235 on 11 January 2018. The stock hit a 52-week low of Rs 137.05 on 30 May 2017.

 

The small-cap company has equity capital of Rs 14.49 crore. Face value per share is Rs 5.

Jindal Drilling & Industries said that through a settlement, the arbitration award for an amount of $31.77 million by way of damages passed against the company, along with interest and other expenses has been settled for $9.10 million with complete waiver of all costs, legal and other expenses and the payment has since been made.

Jindal Drilling & Industries reported net loss of Rs 2.30 crore in Q3 December 2017 as compared with net profit of Rs 7.65 crore in Q3 December 2016. Total income dropped 66.37% to Rs 40.17 crore in Q3 December 2017 over Q3 December 2016.

Jindal Drilling & Industries is into offshore drilling in India's oil and gas sector. The company's principal operating segments include offshore drilling for oil & gas, horizontal & directional drilling and mud logging services.

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