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Jindal Steel & Power manages to gain traction after previous drubbing

Jindal Steel Ltd. | Steel/Sponge Iron/Pig Iron | Metals & Mining | BSE: 532286 | NSE: JINDALSTEL

04 Jul 2012 Evaluate

Jindal Steel & Power is currently trading at Rs 469.80, up by 18.70 points or 4.15% from its previous closing of Rs. 451.10 on the BSE.

The scrip opened at Rs 454.00 and has touched a high and low of Rs 472.10 and Rs 453.00 respectively. So far 324234 shares were traded on the counter.

The BSE group 'A' stock of face value Re 1 has touched a 52 week high of Rs 663.40 on 17-Feb-2012 and a 52 week low of Rs 410.15 on 05-Jun-2012.

Last one week high and low of the scrip stood at Rs 473.00 and Rs 429.05 respectively. The current market cap of the company is Rs 43885.77 crore.

The promoters holding in the company stood at 58.91% while Institutions and Non-Institutions held 29.02% and 12.07% respectively.

Jindal Steel and Power (JSPL) is being probed for allegedly accessing iron ore from Sarada Mines, group's mining associate, at rates below the market price. Depriving the Odisha government of royalty, the rates charged for the mine ore that JSPL processed, largely for its own use, was about one-tenth of the prevailing rates fixed by Indian Bureau Mines (IBM).

The lessee Sarada Mines holds a mining lease over an area of 947.046 Hectares in Thakurani Reserve Forest in Block -B in Keonjhar District, of Orissa state in eastern India. According to an enquiry report of a 5 member committee of steel & mines department headed by PC Patra, deputy director of mines (Bhubaneswar), the major benefit of the mine is flowing to JSPL.

Consequent to this, Odisha government has ordered suspension of operations at Keonjhar Mines. Additionally, and Mines Department’s Additional Secretary, has written to Director of Mines, seeking the differential amount of royalty after it is reassessed by IBM should be collected from lessee Sarada Mines.

Besides selling the entire ROM to JSPL, the lessee has also permitted the steel maker to install two crusher units having capacity of 1000 tonnes per hour and 3000 tonnes per hour within the leasehold area. However, as mentioned in few media reports, permission to the lessee has been accorded for installation and operation of 1000 tonnes per hour unit but no approval has been obtained for the 3000 tonnes per hour crusher unit.

Jindal Steel Share Price

1269.50 45.65 (3.73%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Jindal Steel	1269.50
Lloyds Metals&Energy	1622.70
Jai Balaji Inds	72.59
Steel Exchange India	8.96
Rajputana Stainless	125.90
View more..

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Jindal Steel & Power manages to gain traction after previous drubbing

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