Friday, April 26, 2013

Jindal Steel and Power shares hit 52-week low on Q4 result

Jindal Steel and Power shares fell over 3 per cent on the bourses on Friday, to hit a 52-week low level as the company\'s consolidated net profit fell by nearly 35 per cent for the quarter ended March 31.

Hit by rising interest burden and lower sales realisations, the company reported a consolidated net profit of Rs 760.27 crore for the January-March quarter, against Rs 1,167 crore in the same quarter of FY12.

Net sales during the fourth quarter of 2012-13 reported a growth of 2.16 per cent at Rs 5,583.33 crore. The company had reported a net sales of Rs 5,465.26 crore in the January-March quarter of 2011-12.

After making a weak opening, shares of Jindal Steel and Power further lost 3.13 per cent to Rs 318.50 - its 52-week low as the trade progressed on the Bombay Stock Exchange. At the National Stock Exchange, the scrip went down by 3.34 per cent to touch a one-year low of Rs 318.20.

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