Jindal Steel And Power Edges Lower After Reporting March Quarter Results

Share price of Jindal Steel and Power declined more than eight per cent on Friday, May 14, after the company announced its January-March quarter results for the financial year 2020-21. On Friday, Jindal Steel and Power opened on the BSE at Rs 466, swinging to an intra day high of Rs 466 and an intra day low of Rs 388.60, in the trading session so far. According to a statement filed by the company to the stock exchanges, Jindal Steel and Power reported a net profit of Rs 1,900 crore in the March quarter of fiscal 2020-21 on a consolidated basis. (Also Read: Jindal Steel And Power Profit Jumps 23 Times To ₹ 1,900 Crore In March Quarter )

With a net profit of Rs Rs 1,900.51 crore in the fourth quarter, compared to Rs 82.13 crore in the year-ago period, the company's profit jumped 23 times in the March quarter of fiscal 2020-21. The growth was mostly led by steel prices, stronger sales in the export market and lower interest expense. Jindal Steel and Power will double its steelmaking capacity at Angul in Odisha to 12 million tonnes per annum, according to the statement.

On the NSE, Jindal Steel and Power opened at Rs 462, touching an intra day high of 462, and an intra day low of Rs 388.55, in the session so far. It was last trading 8.88 per cent lower at Rs 416.05 on the NSE.

Shares of Jindal Steel and Power were last trading 8.70 per cent lower at Rs 416.95 on the BSE.