Stock Market Today: Jindal Steel and Power Ltd share price edged higher in the morning trades on Thursday as the promoters raised stake in the metal company
Jindal Steel & Power share price that opened at ₹854.95 on the BSE on Thursday, gained to intraday highs of ₹873.70 during the morning trades. The Jindal Steel & Power share price that had slipped to 52 week low of ₹723.95 on 31 January’ 2025 however have been rebounding well thereafter gaining more than 20%.
The investor confidence has also got boost as the promoters are adding and raising stake
Jindal Power acquires more shares in JSPL
Jindal Power Ltd on 19 February 2025, disclosed to the exchanges regarding the acquisition of of 3,76,579 (No.) equity shares of Jindal Steel & Power Limited on February 17, 2025.
As per the release Jindal Power Limited & List of PAC have acquired the shares and disclosed that the Acquirer is a part of the Promoter group of the Target Company
Prior to the acquisition Jindal Power held 93,19,741 shares f Jindal Steel and Power Ltd. This represented 0.913% stake in Jindal Steel and Power.
However Jindal Power Ltd has acquired 3,76,579 (No.) equity shares of Jindal Steel & Power Limited on February 17, 2025, which means another 0.03% stake addition by JPL.
Jindal Power Ltd thereby post acquisition holds 96,96,320 share of Jindal Steel and Power Ltd which means 0.95% stake in Jindal Steel and Power
JSPL Q3 Results and analyst view
Elara Securities India Pvt Ltd post some disappointment with Q3 performance had said that they believe the negative impact of weakness in steel prices is likely to be partially offset by lower coking coal and iron ore prices and increased use of captive iron ore in Q4FY25 estimated. In the long term, rising share of captive coal consumption, better product mix, phase-wise completion of announced capacity expansion and several cost saving measures should support performance
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