JSPL gains on bagging Gare Palma IV/1 coal mine.

Jindal Steel & Power (JSPL) rose 1.71% to Rs. 270.60 after the company said its subsidiary, Jindal Power, was declared the successful bidder for Gare Palma IV/1 coal mine by the Ministry of Coal.

"Jindal Power Ltd. won an auction for Gare Palma IV/1 coal mine at 25% bid premium of the representative price. We are thankful to the Ministry of Coal for declaring us as the successful bidder", said V R Sharma, MD, JSPL in a statement issued after market hours yesterday, 31 December 2020.

On a consolidated basis, JSPL's net loss stood at Rs. 706.49 crore in Q2 September 2020 steeply higher from Rs. 399.31 crore reported in Q2 September 2019. Net sales rose by 16.7% year-on-year to Rs. 9,002.64 crore in Q2 September 2020.

JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.

BS