Jindal Steel and Power share price fall over 2% on Q2 results

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New Delhi | Updated: Nov 16, 2015 9:53 AM

Jindal Steel and Power (JSPL) share price fall over 2 per cent in the early trade on Monday after the company on Saturday reported a consolidated net loss of Rs 617.94 crore for the quarter ended September 2015

Jindal Steel, JSPL, Jindal Steel and Power, BSE, NSEAt 9.36 am, shares of Jindal Steel were trading 2.08 per cent down at Rs 77.55. (Photo: Reuters)

Jindal Steel and Power (JSPL) share price fall over 2 per cent in the early trade on Monday after the company on Saturday reported a consolidated net loss of Rs 617.94 crore for the quarter ended September 2015 on account of impairment loss of Rs 226.82 crore in Australia and forex hit of Rs 212.60 crore. The Naveen Jindal-led firm registered a net profit of Rs 441.83 crore in the same period a year-ago period.

At 9.36 am, shares of Jindal Steel were trading 2.08 per cent down at Rs 77.55. The scrip opened at Rs 76 and had touched a high and low of Rs 79.85 and Rs 75.10, respectively, in trade so far. Sensex was down 96.32 points, or 0.38 per cent, at 25,514.21.

It is the second consecutive quarter that the integrated steel and power producer has posted a net loss. In the April-June quarter of the ongoing financial year 2015-16, JSPL posted a consolidated net
loss of Rs 339.26 crore.

In a bid to cut its debt burden, the firm will sell some of its non-core assets by the end of this fiscal.

In the past one year, the share price of Jindal Steel and Power share price tanked 47.95 per cent to Rs 79.20 on November 13. Sensex plunged 8.34 per cent during the same period.

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