Jindal Steel & Power (JSPL) rose 1.5% to Rs 145.05 after the company's promoter, OPJ Trading, released pledge on 25 lakh shares, or 0.25% equity, on 3 December 2019.
OPJ Trading held 18.4% stake in JSPL as of 30 September 2019. Currently, the promoter's 17.49 crore shares, or 17.15% equity, are pledged.
Pledging of shares is done by promoters of the company to secure loans for meeting working capital, acquisition costs or other financial needs. Pledged shares are used as collateral by lenders for giving out loans.
The stock has advanced 52.05% in last three months as compared to a 8.17% rise in the Nifty Metal index. The stock trades above its 50 days and 200 days simple moving average placed at 125.97 and 140.72 respectively.
On a consolidated basis, JSPL reported net loss of Rs 300.50 crore in Q2 September 2019 as against net profit of Rs 343.67 crore in Q2 September 2018. Net sales declined 10.45% to Rs 8939.47 crore in Q2 September 2019 over Q2 September 2018.
JSPL has presence in steel, power, mining and infrastructure sectors.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
