Jindal Steel Surges On Fund Raising Plans

Jindal Steel and Power Limited’s board is planning to consider various modes of fund raising by way of preferential allotment of securities to different entities including the promoter or promoter group entities.

The board meeting has been scheduled on March 30, 2017. The stock of Jindal Steel and Power Limited opened flat in Tuesday’s trading session, and touched its intraday high of Rs 121.2 per share, up by Rs 4.75 per share or 4.07%.

Its peers are also trading in positive territory on BSE. The BSE Metal index is trading higher by 0.5% or 61 points at 11616 levels. Vedanta Limited’s stock is the biggest contributor to the index’s gains. However, Jindal Steel’s stock is the top gainer in the index. Jindal Steel & Power Ltd is currently trading at Rs 120.6, up by Rs 4.15 or 3.56% from its previous closing of Rs 116.45 on the BSE.

The scrip opened at Rs 117.75 and has touched a high and low of Rs 121.2 and Rs 117.75 respectively. So far 7470290(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 10655.46 crore.

The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 131.8 on 17-Mar-2017 and a 52 week low of Rs 55.65 on 30-Mar-2016. Last one week high and low of the scrip stood at Rs 129.35 and Rs 114.8 respectively. The promoters holding in the company stood at 61.89 % while Institutions and Non-Institutions held 19.39 % and 18.72 % respectively. The stock is currently trading above its 50 DMA.

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About Suhani Varma

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