Jindal Steel And Power Repays Loan In Its Australian Entity, Stock Gains 2%

Jindal Steel And Power Share Price: On Thursday, Jindal Steel and Power opened on the BSE at Rs 397, swinging to an intra day high of Rs 402.55 and an intra day low of Rs 395.25, so far.

Jindal Steel And Power Repays Loan In Its Australian Entity, Stock Gains 2%

Jindal Steel and Power shares were last trading 1.12 per cent higher at Rs 400.20 on BSE.

Share price of Jindal Steel and Power (JSPL) gained around two per cent on Thursday, September 9, after the steel major's subsidiary Jindal Steel & Power (Australia) made a pre-payment of $105.66 million (Rs 777.4 crore). On Thursday, Jindal Steel and Power opened on the BSE at Rs 397, swinging to an intra day high of Rs 402.55 and an intra day low of Rs 395.25, during the trading session so far.

The prepayment has helped in decreasing the Australian debt by approximately 50 per cent, according to a regulatory filing by the company to the stock exchanges.

In its statement, Jindal Steel and Power added that it aims to completely pay its overseas debt in the coming quarters. The company's net debt was reported at Rs 15,227 crore in the April-Juen quarter of the financial year 2021-22.

“We are paying back to lenders before time in order to strengthen our balance sheet. The company is aligned with the India growth story and we want to become a net debt free company by FY23 through accelerated deleveraging. We will expand our steelmaking capacity in Angul to more than 12 MTPA by 2025 through internal accruals”, said Mr V R Sharma, Managing Director, Jindal Steel and Power.

On the NSE, Jindal Steel and Power opened at Rs 397.50, registering an intra day high of Rs 402.55, and an intra day low of Rs 395.20, in the session so far. It was last trading 1.26 per cent higher at Rs 400.80 on the NSE.

Shares of Jindal Steel and Power were last trading 1.12 per cent higher at Rs 400.20 on the BSE.