Thursday, March 21, 2013

JSPL recovers on bargain hunting
Jindal Steel & Power rose 3% to Rs 348 at 11:10 IST on BSE, with the stock recovering on bargain hunting after 4-day 6.13% slide.

Meanwhile, the S&P BSE Sensex was up 132.86 points or 0.7% at 19,017.05.

On BSE, 82,000 shares were traded in the counter as against average daily volume of 1.59 lakh shares in the past one quarter.

The stock hit a high of Rs 348.75 and a low of Rs 341 so far during the day. The stock had hit a 52-week low of Rs 321.10 on 12 September 2012. The stock had hit a 52-week high of Rs 591 on 20 March 2012.

The stock had underperformed the market over the past one month till 20 March 2013, sliding 8.87% compared with the Sensex's 3.86% fall. The scrip had also underperformed the market in past one quarter, declining 28.24% as against Sensex's 2.93% slide.

The large-cap company has equity capital of Rs 93.48 crore. Face value per share is Re 1.

Shares of Jindal Steel & Power (JSPL) had declined 6.13% in four trading sessions to settle at Rs 337.85 on Wednesday, 20 March 2013, from a recent high of Rs 359.95 on 14 March 2013.

JSPL's consolidated net profit declined 13% to Rs 867.27 crore on 7.6% growth in net sales to Rs 4683.31 crore in Q3 December 2012 over Q3 December 2011.

JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.

Courtesy: IIFL