JSPL shares tank over 5% as Q1 net loss widens

By: |
New Delhi | Updated: September 9, 2016 4:54:09 PM

Jindal Steel and Power (JSPL) shares slipped as much as 5.83 per cent on Friday after the company reported nearly 100 per cent rise in net loss at Rs 1,082.15 crore for the quarter ended June 30, 2016

bse sensex, nse nifty, market outlook wednesdayJindal Steel and Power (JSPL) shares slipped as much as 5.83 per cent on Friday after the company reported nearly 100 per cent rise in net loss at Rs 1,082.15 crore for the quarter ended June 30, 2016 (Photo: PTI)

Jindal Steel and Power (JSPL) shares slipped as much as 5.83 per cent intraday on Friday after the company reported nearly 100 per cent rise in net loss at Rs 1,082.15 crore for the quarter ended June 30, 2016 against net loss of Rs 542.42 crore in the same quarter last year. However, net sales of the company jumped by 3.84 per cent year-on-year to Rs 4536.12 crore for the quarter under review against Rs 4365.41 crore in the same quarter last fiscal. Operating profit of the company dipped by 7.27 per cent year-on-year to Rs 1015.22 crore.

At 9.31 am, shares of the company were trading 3.70 per cent down at Rs 83.35. The scrip opened the day at Rs 83.80 and has touched a high and low of Rs 84.50 and Rs 81.50, respectively, in trade so far. Later, the scrip ended 1.73 per cent down at Rs 85.05.

During April-June period, consolidated other income of Jindal Steel and Power slipped by 72.77 per cent to Rs 31.15 crore against Rs 114.41 crore in the same period last year.

On a standalone basis, the company reported a net loss of Rs 276.65 crore against net loss of Rs 371.37 crore in the same quarter a year ago. Net sales of Jindal Steel dipped by 2.89 per cent to Rs 3024.80 crore. Standalone operating profit of the company slipped by 11.06 per cent to Rs 659.31 crore agains Rs 741.27 crore in the same period.
In the past one year, shares of Jindal Steel and Power surged by 43 per cent to Rs 86.55 till September 8, whereas BSE Sensex jumped 14.72 per cent during the same period.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition