Stocks

Jindal Steel shares jump over 2%

Reuters | Updated on January 09, 2018 Published on August 09, 2017

jindal

Shares of Jindal Steel and Power rose on smaller-than-expected June-quarter loss. The stock gained as much as 2.3 per cent to Rs 142.70.

The steelmaker posted a smaller-than-expected June-quarter loss of Rs 387 crore ($60.7 million), boosted by higher revenue from its iron and steel business.

Revenues from iron and steel segment were up about 26 per cent at Rs 4,713 crore, the company had said on Tuesday.

Motilal Oswal analysts said that the company would benefit from improvement in underlying drivers - higher coking coal prices, domestic coal supply, pellet export prices, and domestic long product prices.

Out of 15 analysts covering the stock, 10 have rated it “buy" or higher, while five rated it “hold" .

Published on August 09, 2017
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