New Delhi, April 29 : Jindal Steel and Power Ltd (JSPL) Tuesday announced a 28 percent drop in consolidated net profit of Rs. 402.5 crore for the fourth quarter ended-March due to higher depreciation and interest as well as lower sales.
The company had posted a Rs. 562 crore net profit for the same quarter in the previous fiscal.
"Net profit is down because of a variety of reasons such as higher depreciation and interest and a planned shutdown in our Raigarh plant," JSPL chief executive Ravi Uppal said.
Bhubaneswar, Jan 10 : The Jindal steel plant in Odisha might face closure for violating pollution norms, the state authorities said Friday.
A team from the State Pollution Control Board inspected the one-million-tonne per annum steel plant of Jindal Stainless Ltd. (JSL) in Jajpur district's Kalinganagar industrial complex, about 120 km from here, November last year.
The team found the plant was discharging huge quantity of pollutants outside the factory premises.
Monrovia (Liberia), July 15 : Jindal Steel and Power Limited (JSPL) has awarded scholarships to five Liberians to study for a Master's degree in engineering at the O. P. Jindal Global University (JGU) for the next academic year, company spokesperson Rashika Kaul told IANS.
The students, nominated by the Liberian ministry of education, underwent an online entrance examination as well as interview by faculty members of JGU.
The company awards scholarships to students from countries across Africa where it operates.
Mumbai, June 11 : The Jindal Steel Power stock nosedived Tuesday after the Central Bureau of Investigation (CBI) registered a case against its promoter Naveen Jindal for his alleged role in the coal-blocks allocation scam.
The scrip ended the day 15.18 percent down at Rs. 226.35 after touching Rs. 202.75, the lowest in four years, at the Bombay Stock Exchange.
"It is alleged that two steel and iron companies based in Delhi misrepresented facts to get coal-blocks. Also, there was alleged investment in a Hyderabad-based firm from the group of companies based at Delhi," said the CBI. (IANS)
New Delhi, May 24 : In a report with recommendations for Jindal Steel and Power (JSPL) and the Indian government, Human Rights Watch said the Mozambique government and foreign companies' work in resettling communities displaced by coal mining has "serious shortcomings".
The New York-based rights group's report, released Thursday in Mozambique's captial Maputo said lack of proper resettlement is leaving thousands without proper homes, food or sources of income.
JSPL has coal mining operations in Tete province of Mozambique and is planning to resettle families of the area.
The two journalists of Zee News channel, who were arrested by the police for trying to extort Rs 100 crore from Congress MP and industrialist Naveen Jindal, will appeal for bail on Saturday at a Delhi court.
The two journalists are facing accusations of trying to extort the money by manipulating the media reports relating to coal block allocation scam in the country. The court had sent Sudhir Chaudhary, head of Zee News, and Samir Ahluwalia, head of Zee Business to 14-day judicial custody.
Media giant Zee TV has condemned the arrest of its senior journalists Sudhir Chaudhary and Samir Ahluwalia, and accused the ruling Congress of trying to gag media.
Delhi police arrested the two Zee News editors for allegedly trying to extort Rs 100 crore from industrialist and Congress MP Naveen Jindal. The Congress MP had accused the two editors of demanding Rs 100 crore in exchange for not airing stories related his group's involvement in the coal blocks allocation scam.
Rich Indians are quietly snapping up Australian assets, as Australia is attracting long-term investment and wealthy Indians are seeing it as a safe-haven.
The Jindal family, one of the richest corporate families in India, acquired stakes in Australian iron ore and coal mines via Jindal Steel & Power. The stakes, acquired in May this year, worth a total of A$26 million (US$26.99M).
Earlier, Indian billionaire Gautam Adani acquired a coal mine in the Australian state of Queensland for US$2 billion.
Congress MP & industrialist Naveen Jindal's four companies gave same fake address when they applied for coal blocks between 2006 and 2009, a probe by the CBI revealed.
The investigating agency found that four Jindal companies gave "28, Najafgarh Road, New Delhi" as their address, which doesn't exist. Of the four, two companies viz. Nalwa Steel and Gagan Sponge were awarded coal blocks.
India's Jindal Steel and Power (JSPL) has acquired UK-based, CIC Energy in a deal valued at about $ 115 million or about Rs 600 crore.
A subsidiary of Naveen Jindal-controlled JSPL, Jindal BVI Limited is expected to acquire 100 per cent shares of the company over a period of time and ultimately delist it from the Toronto Stock Exchange. The takeover value of $
115 million values the shares at $2 a unit.
Jindal Steel & Power will declare its Q1 results today. The analysts are expecting the company to register 17% growth in profit after tax. The company has recently announced the decision to by CIC Energy in an all cash deal. The stock is trading marginally higher after touching intraday high and low of Rs 420.7 and 412.7 on NSE.
As per analyst estimates, the company can see a jump of nearly 30 per cent in revenue and EBITDA growth of nearly 16 per cent.
Jindal Steel & Power announced its quarterly results on Tuesday and posted a smaller decline in quarterly profit than market expectations.
The Naveen Jindal-led posted marginal decline in consolidated net profit to Rs. 891.80 crore for the quarter compared to Rs. 894.24 crore for the same quarter a year ago. The decline is mainly due to increased expenditure on raw materials, interest payments as well as a one-time exceptional item.
Renowned steel manufacturer Jindal Steel and Power (JSPL) is looking forward to borrow around R6, 000-8,000 crore during the next six months, as part of its expansion policy for various projects. During a conference call, organized soon after company announced its results, the Chief Financial officer, Sushil Maroo, has notified the reporters that it has a debt of R13,000 crore .
Technical analyst Imtiaz Qureishi has maintained 'buy' rating on Jindal Iron & Power Limited stock with a target of Rs 740.
The analyst said that the stock can be purchased with a stop loss of Rs 690.
The stock of the company, on December 30, closed at Rs 718.90 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 754 and a low of Rs 605 on BSE.
Current EPS & P/E ratio stood at 19.15 and 37.37 respectively.
Stock market analyst Shrikant Chouhan of Kotak Securities has maintained 'buy' rating on Jindal Steel & Power Limited stock with short term target of Rs 740.
According to analyst, the interested investors can buy the stock with stop loss of Rs 695.
The stock of the company, on Sep 07, closed at Rs 706.30 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 778 and a low of Rs 554.44 on BSE.
Current EPS & P/E ratio stood at 17.30 and 40.59 respectively.
Stock market analyst Rahul Mohinder has maintained 'buy' rating on Jindal Steel & Power Ltd stock with target of Rs 720-725.
According to analyst, the interested investors can buy the stock with stop loss of Rs 660.
Today, the stock of the company opened at Rs 677.10 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 778 and a low of Rs 500.83 on BSE.
Current EPS & P/E ratio stood at 17.30 and 39.97 respectively.
Stock market analyst Rajesh Satpute is of the view that investors can buy Jindal Steel & Power Ltd with target of Rs 665.
According to analyst, the interested investors can buy the stock with stop loss of Rs 605.
The analyst said that the investors can achieve the said target in 4-5 trading sessions.
Today, the shares of the company opened at Rs 627.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 778 and a low of Rs 405.31 on BSE.
Stock market analyst Mitesh Thacker has maintained 'Sell' rating on Jindal Steel & Power Ltd stock with targets of Rs 570 and Rs 550.
According to analyst, the investors can sell the stock with stop loss of Rs 655.
Mr. Thacker added that if the stock falls below Rs 545, it may decline further.
Today, the stock opened at Rs 622 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 778 and a low of Rs 367.40 on BSE.
Current EPS & P/E ratio stood at 15.89 and 38.50 respectively.
On Thursday, Jindal Steel & Power Ltd. (JSPL) said that it is planning to buy one of Oman's company for $464 million. The name of the firm is Shadeed Iron & Steel Co LLC.
JSPL is doing this so that it can expand its foothold in the Middle East, so that the profitability of the company rises.
As part of the deal, the liabilities of the Oman-based company which are worth $79 million will be financed. This will be done by raising $400 million debt. The rest of the money i. e. $64 million will be raised through equity.
Jindal Steel and Power is looking forward to invest $10 billion in Orissa. The investment will go forward for the setting up of a coal-to-liquid plant and also on the building of a 2,000 MW thermal plant in the eastern state of India.
This was told by Navin Jindal, the Managing Director of the company, during a press conference in the capital state of Bhubaneswar on Tuesday.