Jindal Steel & Power (JSPL) rose 1.70% to Rs 914.30 after the company announced that it had secured the Saradhapur Jalatap East coal block in the latest commercial coal auctions conducted by the Ministry of Coal.
The mine, with an estimated reserve of 3,257 million tonnes, is located just 11 km from JSPLs Angul steel plant, making it a key asset for the company.
JSPL won the block with a revenue-sharing bid of 10%, reducing its dependence on external coal supplies and ensuring a stable flow of raw materials for its steel production. The acquisition strengthens the companys backward integration strategy, helping mitigate risks related to supply chain disruptions and price volatility.
By securing a long-term fuel supply, JSPL is enhancing its operational efficiency while reinforcing its commitment to the "Aatmanirbhar Bharat" initiative, aligning with the governments vision for self-reliance in critical industries.
Jindal Steel and Power is the flagship company of Jindal Group, an industrial powerhouse which has a strong presence in the steel, power, mining, and infrastructure sectors globally.
The company's consolidated net profit declined 50.7% to Rs 950.48 crore in Q3 FY25 as against Rs 1,928.32 crore posted in Q3 FY24. Revenue from operations rose by 0.4% year on year to Rs 11,750.67 crore in the quarter ended 31 December 2024.
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