Coal news and updates

Jindal Steel & Power fell 1.08% to Rs 86.85 at 13:18 IST on BSE, staging a recovery from day's low after the company secured long-term coal linkage of 1.18 million tonne per annum for its captive power generation plants in Chhattisgarh.

 

The announcement was made during market hours today, 22 August 2016.

Meanwhile, the S&P BSE Sensex was down 106.43 points or 0.38% at 27,970.57

 

 

On BSE, so far 18.66 lakh shares were traded in the counter as against average daily volume of 18.80 lakh shares in the past one quarter. The stock rose as much as 0.51% at the day's high of Rs 88.25 so far during the day. The stock fell as much as 2.56% at the day's low of Rs 85.55 so far during the day. The stock had hit a 52-week high of Rs 98.10 on 31 December 2015. The stock had hit a 52-week low of Rs 48.20 on 12 February 2016. The stock had outperformed the market over the past one month till 19 August 2016, rising 29.79% compared with 1.32% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 46.58% as against Sensex's 10.97% rise.

 

The mid-cap company has equity capital of Rs 91.49 crore. Face value per share is Re 1.

 

Jindal Steel and Power (JSPL) secured long-term coal linkage of 1.18 million tonne per annum (MTPA) for its captive power generation plants in Dongamahua and Raigarh in Chhattisgarh. The long-term coal linkage for a period of 5 years has been secured during the recent coal linkage auctions, JSPL said. The long-term linkage will ensure steady and assured supply of coal for the captive power plants, thereby enhancing the fuel security for the power plants, the company said.

 

JSPL's MD & Group CEO Ravi Uppal said that the company is looking forward to the next round of coal linkage auctions to fill the gap, and would selectively participate to further enhance long-term fuel security requirements at prudent terms of steel and power businesses. The 1.18 MTPA coal linkage to captive power generation facility significantly enhances the operational efficiencies of the company's power plant, Uppal said.

 

On a consolidated basis, Jindal Steel & Power reported consolidated net loss of Rs 363.11 crore in Q4 March 2016, lower than consolidated net loss of Rs 581.17 crore in Q4 March 2015. The company's total income rose 11.01% to Rs 5091.39 crore in Q4 March 2016 over Q4 March 2015.

 

JSPL is one of India's major steel producers with a significant presence in sectors like mining, power generation and infrastructure.

SOurce:Business Standerd