Jindal Steel & Power (JSPL) rose 2.51% to Rs 94 after the company bagged a 2308-ton supply order from Rail Vikas Nigam (RVNL) for development of Kolkata Metro Corporation.
JSPL has also bagged a contract to supply 12,000 tonnes of special grade Rail Blooms to France rail hayange, France. The company said in a regulatory filing made before market hours today (15 April 2020).
V.R. Sharma, MD, JSPL, said that the French export order is valued at around Rs 50 crore.
The company, post trading hours on Monday (13 April 2020), informed that credit rating agency, CRISIL, placed its ratings on the bank facilities and non-convertible debentures of the company under 'rating watch with negative implications'.
CRISIL said the rating action is on account of heightened risk of liquidity stretch in the event of any unfavorable outcome from the discussions with the lenders of its subsidiaries viz. Jindal Steel and Power (Mauritius) (JSPML) and Jindal Steel and Power (Australia) to provide moratorium on debt repayment (JSPAL).
Jindal Steel & Power is a steel producer with presence in power generation and mining.
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