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A well known investment weekly has given a buy recommendation on Jindal Steel and Power Ltd at Rs.157. This makes a case to buy the shares of Jindal Saw Ltd (Rs.58.95) as both the shares, move in rhythm. 

Moreover, the said publication, also recommended Srikalahasthi Pipes Ltd, the erstwhile, Lanco Industries Ltd, the pig iron,  iron casting & spun pipes and cement manufacturing company at Rs.131; in this week's edition.

Meanwhile, there were recent media reports that Jindal Tubular (India) Ltd, a wholly owned subsidiary of Jindal Saw Ltd has agreed to operate and maintain certain identified facilities of PSL Limited--this is a short term arrangement for one year which may be extended or modified, based on meeting of certain covenants and mutual acceptance at the appropriate time.

Besides, Jindal Saw Ltd has recently sent a press release that Jindal ITF Limited, a wholly owned subsidiary of the Company (i.e. Jindal Saw Limited) has approved an internal re-structuring of its operations by way of demerger and vesting of its infrastructure business undertaking into JITF Urban Infrastructure Services Ltd, another wholly owned subsidiary of the Company and its waterways business undertaking into Jindal Shipyards Limited, again a wholly owned subsidiary of the Company by way of court sanctioned composite scheme of arrangement U/s 391, 394 and other applicable provisions of the Companies Act, 1956 and under applicable provisions of the Companies Act, 2013. The effectiveness of the scheme is subject to requisite approval by the shareholders, secured and unsecured creditors and sanction by the Hon'ble High Court of Judicature at Allahabad. 

Last week, the shares of Jindal Steel and Power jumped over 6% to hit intraday high of Rs.160 on the Bombay Stock Exchange after the Delhi High Court said that government's decision to cancel the bid of Jindal Power Ltd (JPL) for two Chhattisgarh coal mines by annulling the tender process and allotting them to Coal India Ltd (CIL) is "prima facie wrong".

"This does not smack of fairness. Prima facie we feel that it is wrong," a bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva said in response to Additional Solicitor General (ASG) P S Narasimha's argument that the Coal Ministry had the right to take the decision.

"The more we look into it, the more we feel there should be an interim order. We are not impressed," the court said in response to the ASG's arguments opposing any interim order.

The court also gave adverse observations on one of the reasons given by the Coal Ministry to annul the tender process that comparing the price fetched in auction of other mines for power sector, the highest bid for Gare Palma IV/2 and IV/3 in Chhattisgarh did not reflect fair value.

"This is like comparing apples to oranges," the bench said in response to the argument and added that the Ministry's decision to annul the tender and then allot mines to CIL "does not leave a good taste in the mouth".