Jindal Steel & Power hits six-year lows on disappointing Q4 results

Shares of Jindal Steel & Power (JSPL) dipped 4% Rs 124, their lowest level since January 2009 on the BSE, after the company reported a consolidated net loss of Rs 519 crore for the fourth quarter ended March 31, 2015 (Q4) against a net profit of Rs 403 crore in the year-ago quarter. The company had reported a loss of Rs 1,619 crore in the December quarter.

Consolidated total income also fell by 7.6% to Rs 4,526 crore in January-March quarter of last fiscal from Rs 4,898 crore in the same quarter of 2013-14, JSPL said in a statement.

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Continued subdued demand and unabated steel import from China, Korea and other countries saw net realisation plummet by more than 7% year-on-year and a proportional drop in the sales turnover, the company added.

With reagard to outlook, the company said, “Indian economy and steel demand are expected to gather momentum from the start of third quarter of 2015-16 fiscal.”

A combined 1.29 million shares changed hands on the counter on the NSE and BSE.

At 0930 hours, the stock was down 2% at Rs 127 on the BSE.

http://www.business-standard.com/article/markets/jindal-steel-power-hits-six-year-lows-on-disappointing-q4-results-115052800204_1.html

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