Jindal Steel & Power jumped 5.06% to Rs 157.80 at 10:39 IST on BSE on reports the Delhi High Court said the decision to cancel the bid of Jindal Power for two Chhattisgarh coal mines is prima facie wrong.
Meanwhile, the S&P BSE Sensex was up 29.33 points or 0.11% at 27,486.91.
On BSE, so far 5.48 lakh shares were traded in the counter as against average daily volume of 12.64 lakh shares in the past one quarter.
The stock hit a high of Rs 160 and a low of Rs 154.50 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 stock had underperformed the market over the past one month till 26 March 2015, sliding 18.52% compared with the Sensex's 4.48% fall. The scrip had also underperformed the market in past one quarter, advancing 0.67% as against Sensex's 0.79% rise.
The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.
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According to reports, the Delhi Court said that the Government's decision to cancel the bid of Jindal Power (JPL) for two Chhattisgarh coal mines by annulling the tender process and allotting them to Coal India (CIL) is prima facie wrong.
It may be recalled that that the Government of India had rejected Jindal Steel & Power's (JSPL) bids for Gare Palma IV/2 & IV/3 and Tara coal blocks in the recently concluded coal auctions.
Meanwhile, JSPL will be excluded from the 50-unit CNX Nifty index with effect from today, 27 March 2015.
On a consolidated basis, JSPL reported net loss of Rs 1618.78 crore in Q3 December 2014 compared with net profit of Rs 561.51 crore in Q3 December 2013. Net sales fell 2.6% to Rs 4973.71 crore in Q3 December 2014 over Q3 December 2013.
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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