You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Jindal Poly gains on acquiring Jindal India Solar Energy

Capital Market 

Jindal Poly Films rose 2.55% to Rs 969.50 after the company said it acquired 100% stake of Jindal India Solar Energy for a cash consideration of Rs 5 lakh, making it a wholly-owned subsidiary.

Jindal India Solar Energy (JISEL) was subsidiary of Soyuz Trading Company, which is a promoter of Jindal Poly Films (JPFL). JPFL has purchased all shares of JISEL and consequent thereof JIESL have become subsidiary of JPFL.

JPFL intends to do renewal/ solar energy business through separate company i.e subsidiary, so the company has decided to acquire JISEL.

Jindal Poly Films' consolidated net profit surged 77.9% to Rs 231.92 crore on a 73.9% jump in net sales to Rs 1,341.05 crore in Q1 FY21 over Q1 FY20.

Jindal Poly Films is engaged in diverse business activities including manufacturing of polyester film, polypropylene film, steel pipes and photographic products.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, August 27 2021. 10:46 IST