Jindal Steel & Power fell 1.66% to Rs 94.50 at 12:26 IST on BSE on reports a foreign brokerage maintained underperform rating on the stock citing weak power demand.
Meanwhile, the S&P BSE Sensex was up 110 points or 0.42% at 26,480.98.
On BSE, so far 6.19 lakh shares were traded in the counter as against average daily volume of 8.31 lakh shares in the past one quarter.
The stock hit a low of Rs 92.05 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 95.90 so far during the day. The stock had hit a 52-week high of Rs 342 on 11 June 2014.
The stock had underperformed the market over the past one month till 11 June 2015, sliding 29.16% compared with Sensex's 4.13% fall. The scrip had also underperformed the market in past one quarter, declining 49.55% as against Sensex's 7.98% fall.
The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.
More From This Section
The foreign brokerage reportedly said that weak power demand will hurt Jindal Steel & Power (JSPL) going ahead. JSPL's debt is now 4.8 times its market capitalisation and downside remains in its both businesses, the brokerage added.
JSPL reported consolidated net loss of Rs 519.30 crore in Q4 March 2015 compared with net profit of Rs 402.50 crore in Q4 March 2014. Net sales declined 11.5% to Rs 4481.03 crore in Q4 March 2015 over Q4 March 2014.
JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.
Powered by Capital Market - Live News