Jindal Stainless rose 3.43% to Rs 25.60 at 11:35 IST on BSE after the company said Odisha Industrial Infrastructure Development Corporation has cleared the transfer of its land to Jindal United Steel and Jindal Coke.
The announcement was made after market hours yesterday, 27 September 2016.Meanwhile, the BSE Sensex was up 7.15 points, or 0.03%, to 28,230.85.
On BSE, so far 78,000 shares were traded in the counter, compared with average daily volume of 2.11 lakh shares in the past one quarter. The stock hit a high of Rs 26.30 and a low of Rs 25.30 so far during the day. The stock hit a 52-week high of Rs 33.50 on 7 December 2015. The stock hit a record low of Rs 14.20 on 2 June 2016. The stock had outperformed the market over the past 30 days till 27 September 2016, rising 5.10% compared with 1.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 57.14% as against Sensex's 5.55% rise.
The small-cap company has equity capital of Rs 79.89 crore. Face value per share is Rs 2.
Jindal Stainless (JSL) said it received approval from Orissa Industrial and Infrastructure Development Corporation (IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the hot strip mill and the coke plant of the company are located, to Jindal United Steel (JUSL) and Jindal Coke (JCL), respectively.
Last year, JSL demerged its operations into three separate entities -- listed Jindal Stainless (Hisar) (JSHL) as well as private companies JUSL and JCL.
Jindal Stainless reported net loss of Rs 64.64 crore in Q1 June 2016 as against net loss of Rs 137.79 crore in Q1 June 2015. Net sales rose 28.20% to Rs 2117.41 crore in Q1 June 2016 over Q1 June 2015.
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Jindal Stainless is engaged in manufacturing of stainless steel.
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