As per reports, Jindal Steel is planning to sell a 15% stake in itself to Japan's Yamato Steel for Rs. 2,500 crore. A cording to the reports, the company strongly believes to reach an agreement with banks on a debt recast for its steel business this month.
Meanwhile, Jindal Steel Limited share price opened at Rs 88.90, down by 5.21 per cent, from the previous close on the National Stock Exchange. The scrip stock opened at Rs. 88.95 and its intraday high and low was seen at Rs. 89.35 and Rs. 86.75 respectively. Till now 7708839(NSE+BSE) shares were traded on the counter. The current market cap of the company is amounted Rs. 8165.52 crore.
Shares of Jindal Steel and Power (JSPL) shares surged as much as 19.48 per cent to hit intraday high of Rs 83.70 in an otherwise flat market on the back of heavy volumes.
Previously, Jindal Steel shares came in high demand because 64 million shares changed hands on the Bombay Stock Exchange and National Stock Exchange. Particularly on the NSE, more than 56 million shares changed hands.
Market Analysis:
Jindal Steel share price has a face value Rs. 1 and met its 52 week high of Rs. 98.1 on 31st December 2015 and a 52 week low of Rs. 48.2 on 12th Feb 2016. Last one week high and low of the stock was observed at Rs. 91.4 and Rs. 70.5 respectively.
The promoters holding in the company was seen at 61.89 % while Institutions and Non-Institutions held 21.33 % and 16.77 % respectively. The scrip is presently trading above its 200 DMA.
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