Jindal Steel & Power touches 52-week high

The stock of Jindal Steel & Power Limited (JSPL) surged almost 10 per cent, hitting 52-week high on the Bombay Stock Exchange, after the company uncovered its plan to increase asset optimisation and reduce debt in the upcoming years.

The company had announced the results for the current quarter on Feb, 14. Its revenue for the quarter came in at Rs 5408 crore, registering a YoY increase of 24.7 per cent. Also, the net loss narrowed down to Rs 407 crore, as against Rs 870 crore in the corresponding quarter of the previous year.

The positive news of asset optimisation enthused traders and investors and the company's stock gained as much as 9.95 per cent and touched 52-week high in intra-day trade to Rs 102.20 on the Bombay Stock Exchange. 

Jindal Steel and Power Ltd is an Indian company operating in multiple segments that include steel, power, mining, coal to liquid, oil and gas and infrastructure. Its products include rails, parallel flange sections, plates and coils, wire rods, power, ferro chrome and sponge iron. The company operates the largest coal-based sponge iron plant in the world.