Jindal Steel & Power surged 6.02% to Rs 247.30 at 15:19 IST on BSE, with the stock rebounding sharply after reversing intraday fall in volatile trade.
Meanwhile, the BSE Sensex was up 216.86 points, or 0.81%, to 26,854.97
On BSE, so far 21.03 lakh shares were traded in the counter, compared with an average volume of 3.72 lakh shares in the past one quarter.
The stock saw high intraday volatility. The stock surged as much as 8.42% at the day's high of Rs 252.90 so far during the day. The stock fell as much as 3.68% at the day's low of Rs 224.65 so far during the day. The stock hit a 52-week high of Rs 350 on 9 June 2014. The stock hit a 52-week low of Rs 213.50 on 30 August 2013.
The stock had underperformed the market over the past one month till 28 August 2014, falling 17.29% compared with 2.49% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 24.01% as against Sensex's 8.48% rise.
The large-cap company has an equity capital of Rs 91.49 crore. Face value per share is Re 1.
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Shares of Jindal Steel & Power (JSPL) surged after the Centre today, 1 September 2014 requested the Supreme Court not to cancel all coal block allocations that took place between 1993 and 2011.
Attorney General Mukul Rohatgi today, 1 September 2014 reportedly proposed to the Supreme Court that about 40 of the 218 coal mines it declared illegal should not be taken back from the companies that operate them as they were either producing or were close to producing. Attorney General Mukul Rohatgi also told a Supreme Court hearing that the government was open to re-auctioning the coal blocks if their allocations are revoked, reports added.
Shares of JSPL had declined sharply after the Supreme Court had on 25 August 2014 termed the method of allotment of coal blocks between 1993 and 2011 as illegal.
According to media reports, JSPL is the worst affected player as the Supreme Court judgement will delay the process of securing mining rights for its Utkal B1 mine, critical for its Angul steel cum power project.
JSPL is operating two mines in Chhattisgarh having a little over 12 million tonnes a year production capacity now. These are for JSPL's Raigarh steel plant and Tanmar Power plant.
JSPL has also been allocated Utkal B1 mine in Odisha for use in Angul, one mine in Chhattisgarh for Raigarh steel unit and Jitpur mine in Jharkhand for its captive power plant at Godda, reports suggested.
JSPL's consolidated net profit fell 15.4% to Rs 418.13 crore on 10.3% increase in total income to Rs 5068.79 crore in Q1 June 2014 over Q1 June 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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