Jindal Steel & Power lost 1.93% to Rs 126.80 at 11:21 IST on BSE after the company reported consolidated net loss of Rs 519.30 crore in Q4 March 2015 as against net profit of Rs 402.50 crore in Q4 March 2014.
The result was announced after market hours yesterday, 27 May 2015.
Meanwhile, the S&P BSE Sensex was down 21.32 points or 0.08% at 27,543.34
On BSE, so far 2.98 lakh shares were traded in the counter as against average daily volume of 8.45 lakh shares in the past one quarter.
The stock hit a high of Rs 128.70 and a low of Rs 124 so far during the day. The stock had hit a 52-week high of Rs 350 on 9 June 2014. The stock had hit a 52-week low of Rs 125.05 on 17 December 2014.
The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.
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Jindal Steel & Power (JSPL)'s total income declined 10.4% to Rs 4586.42 crore in Q4 March 2015 over Q4 March 2014.
JSPL said that Q4 March 2015 saw several adverse factors come together and negatively impact the company's financial performance. Continued subdued demand and unabated steel import from China, Korea and other countries saw net realisation plummet by more than 7% year-on-year and a proportional drop in the sales turnover, it added.
JSPL's crude steel production rose 45% to 1.01 million tonnes (MT) in Q4 March 2015 over Q4 March 2014. Production of sponge iron rose 18% to 0.87 MT while steel sales rose 23% at 0.95 MT in Q4 March 2015 over Q4 March 2014.
In its outlook, JSPL said that Indian economy and steel demand are expected to gather momentum from the start of Q3 December 2015. The company said that reopening of mines in Odisha and Karnataka is expected to ease iron ore availability and its prices. Subject to favourable economic conditions, the company expects to raise its steel production 50% to 5 million tonne in the year ended 31 March 2016.
JSPL's board of directors at its meeting held yesterday, 27 May 2015, approved issuance of non-convertible debentures upto Rs 10000 crore. The board also approved issuance of further securities upto Rs 5000 crore.
JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.
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