1. JSPL shares jump after court observations on coal auction case

JSPL shares jump after court observations on coal auction case

Shares of Jindal Steel and Power today settled with gains of over 4 per cent post the Delhi High Court's observations in the coal auction case...

By: | Mumbai | Updated: March 27, 2015 5:09 PM
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The Delhi High Court said the Government’s decision to cancel the bid of Jindal Power Ltd (JPL) for two Chhattisgarh coal mines by annulling the tender process and allotting them to Coal India Ltd (CIL) is “prima facie wrong”. PTI

Shares of Jindal Steel and Power today settled with gains of over 4 per cent post the Delhi High Court’s observations in the coal auction case.

Following the spike in shares, the market capitalisation of the company jumped by Rs 622 crore to Rs 14,363.99 crore on the BSE.

Shares of the company opened on a bullish note at Rs 159.50, then surged 6.52 per cent to touch an intra-day high of Rs 160. At close, the stock pared some gains and was quoted at Rs 157, up 4.53 per cent on the BSE.

Similar movement was seen on the National Stock Exchange, where the stock opened at Rs 159, then jumped 6.38 per cent to an intra-day high of Rs 159.85. It ended the day at Rs 156.95, up 4.46 per cent over its previous closing price.

The Delhi High Court yesterday said the Government’s decision to cancel the bid of Jindal Power Ltd (JPL) for two Chhattisgarh coal mines by annulling the tender process and allotting them to Coal India Ltd (CIL) is “prima facie wrong”.

Jindal Power Ltd (JPL) is a subsidiary of Jindal Steel & Power Ltd (JSPL).

“This does not smack of fairness. Prima facie we feel that it is wrong,” a bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva said in response to Additional Solicitor General (ASG) P S Narasimha’s argument that the Coal Ministry had the right to take the decision.

“The more we look into it, the more we feel there should be an interim order. We are not impressed,” the court had said in response to the ASG’s arguments opposing any interim order.

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