Naveen Jindal hikes stake in JSPL by 0.05%

Naveen Jindal, the chairman and managing director of Jindal Steel & Power (JSPL) has hiked his stake in the company by 0.05 percent by acquiring four lakh shares for Rs 22.4 crore. Jindal has acquired four lakh shares through open market transactions and he currently holds 0.27 percent stake or 24.8 lakh shares in the firm.

The company’s net profit for the quarter June 30, 2011 has registered growth of 7.91% at Rs 470.16 crore as compared to Rs 435.69 crore for the quarter ended June 30, 2010. Its total Income has increased by 19.52% at Rs 2543.18 for Q1FY12 million from Rs 2127.80 crore for Q1FY11.

On consolidated basis, the Group’s net profit has declined by 2.44% at of Rs 918.79 crore for the quarter as compared to Rs 941.82 crore for the similar quarter of the last fiscal. Its total Income has shot up by 31.98% at Rs 3972.51 crore for the quarter from Rs 3009.92 crore for the June quarter of the previous year.