Jindal Steel & Power spurted 20.32% at Rs 187.70 at 14:16 IST on BSE after the company's subsidiary today, 19 February 2015 won the Gare Palma IV/2 and Gare Palma IV/3 coal blocks in Chhattisgarh.
Meanwhile, the S&P BSE Sensex was down 197.01 points or 0.67% at 29,123.25
The stock surged on high volume. On BSE, so far 67.89 lakh shares of Jindal Steel & Power (JSPL) changed hands against average daily volume of 7.05 lakh shares in the past two weeks.
The stock hit a high of Rs 190.70 and a low of Rs 148 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 18 February 2015, rising 2.98% compared with 4.26% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.77% as against Sensex's 4.11% rise.
The large-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.
JSPL's subsidiary Jindal Power today, 19 February 2015 won the Gare Palma IV/2 and Gare Palma IV/3 coal blocks in Chhattisgarh for Rs 108 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal today, 19 February 2015. Jindal Power retained the Gare Palma IV/2 and Gare Palma IV/3 coal blocks which was initially allotted to the company and was later de-allocated.
As per information shared with the bidders, IV/2 and Gare Palma IV/3 coal blocks, spread over 964.65 hectares has extractable coal reserves of 187.19 million tonnes while balance as on 1 April 2014 was 155.49 million tonnes.
The coal ministry has started auctioning coal blocks after the Supreme Court in September last year cancelled the allocation of more than 200 coal mines allotted between 1993 and 2010 after ruling that they were arbitrary and illegal.
On a consolidated basis, JSPL reported net loss of Rs 1618.78 crore in Q3 December 2014 as compared to 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.
Jindal Steel & Power is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.
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