Today, Jindal Stainless Ltd announced that Odisha Industrial Infrastructure Development Corporation (IDCO) has signaled green to the transfer of its land to Jindal United Steel Ltd (JUSL) and Jindal Coke Ltd (JCL).
The company has received approval from IDCO, dated September 24, 2016, conveying that it has no objection for implementing the transfer and the right to use the land on which the Hot Strip Mill and the Coke Plant of the company are located to JUSL and JCL, respectively. Last year, JSL demerged its operations into three different entities which were listed as Jindal Stainless (Hisar) Ltd (JSHL), JUSL and JCL. Among them, JUSL and JCL are the private companies.
Currently, JSL share price is trading at Rs. 25.80 with a rise of a little over 5%.
JSL had reported narrowing of its net loss to Rs 65 crore for the quarter ended June 30, as against a net loss of Rs 138 crore in the year-ago period. Its total income went up 29 per cent to Rs 2,126 crore in the April-June quarter this financial year, from Rs 1,652 crore during the corresponding quarter last year. The company also declared 11 per cent growth in stainless steel production at 1.73 lakh tons (LT) in the June quarter this financial year from 1.56 LT a year ago.
In today’s trade, JSL share price opened at Rs. 26 against its previous day’s close of Rs. 24.55. So far, the traded volume of JSL stands at 4,41,239 as compared to its average traded volume of 177286 for 20 days. JSL is the top 500 pick by Dynamic Levels for the quarter with the market cap of 1393.84 crores as of today with 37.27% promoter holding pledged. For the details on the support and resistance levels of JSL, visit JSL share price forecast page of Dynamic Levels website.
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