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Jindal Steel spurts on the plans of starting 2 MTPA capacity plant in Oman

01 Jul 2013 Evaluate

Jindal Steel & Power is currently trading at Rs. 223.20, up by 5.90 points or 2.72 % from its previous closing of Rs. 217.30 on the BSE.

The scrip opened at Rs. 216.80 and has touched a high and low of Rs. 225.95 and Rs. 214.10 respectively. So far 518779 shares were traded on the counter.

The BSE group 'A' stock of face value Re 1 has touched a 52 week high of Rs. 480.00 on 05-Jul-2012 and a 52 week low of Rs. 194.00 on 24-Jun-2013.

Last one week high and low of the scrip stood at Rs. 219.35 and Rs. 194.00 respectively. The current market cap of the company is Rs. 20842.12 crore.

The promoters holding in the company stood at 59.07 % while Institutions and Non-Institutions held 28.54 % and 12.39 % respectively.

Jindal Steel and Power is likely to start a 2 million tonnes per annum (MTPA) capacity plant in Oman in October. It has placed orders for bar and rod mills for the same. Steel melting shop will produce billets and next logical step is to make bar and rods, long products.

The company had acquired Shadeed Iron and Steel in Oman in May, 2010 from Abu-Dhabi's Al Ghaith Holdings for about USD 500 million. It has also invested another $500 million in developing the facilities there, which includes 1.5 MTPA DRI/HBI plant and the upcoming 2 MTPA steel plant. The company has plans to expand it further, depending upon the demand in the region.

Jindal Steel Share Price

1269.50 45.65 (3.73%)
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