IRCON’S order proves to be a blessing for Jindal Steel

After the successful execution of a supply of nearly 1,26,604 tonnes of rails to Indian Railways, Jindal Steel & Power went up 1.69% to ₹132.6 at 11:55 IST on the Bombay Stock Exchange.

In addition to bagging its first ever order from Indian Railways for a supply of close to 1 lakh tonne in 2018, the company had been awarded an additional order for supply of 30,000 tonnes. The additional order increased the size of order by over 30 percent. The overall order size is now estimated at around ₹650 crores.

Far ahead of its schedule, JSPL has supplied 1,26,604 tonnes of long rails to Indian Railways proving their efficiency yet again. Besides this, the company supplied 97,400 tonnes of long rails on 22 April 2019, four months ahead of schedule. The total value of the contract was at ₹732 crores.

JSPL is expecting orders of a minimum volume of 2 lakh tonnes per annum of 13/26 meter rails from Rail Vikas Nigam (RVNL) and IRCON International soon.

The company was quoted at ₹139.95, up ₹1.35 or 0.97 percent on the BSE at 10:50 hrs. It’s shares reached 52-week high ₹270.80 and 52-week low ₹123.30 on 26 February, 2018 and 06 February, 2019, respectively.

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On the Bombay Stock Exchange, as many as 4.01 lakh shares were traded in the counter till now as compared to the average daily volumes of 6.63 lakh shares in the past two weeks. The stock had reached a high of ₹133.7 so far during the day and had hit a low of ₹128.4 so far during the day.

A consolidated net loss of ₹437.56 crores was reported by the company on 4 March 2019 compared to a net profit of ₹35.11 crores on 4 March 2018. The company’s net sales grew ₹10,094.19 crores that means 18.4% in 4 March 2019 over 4 March 2018.

One of India’s major steel producers, Jindal Steel and Power Ltd. has a significant presence in sectors like power generation, mining and infrastructure.