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Jindal Steel share jumps 2.5% on winning auction for Gare Palma IV1 Mine

BusinessToday.In     January 1, 2021

Jindal Steel and Power share price rose more than 2.54% on Friday after Ministry of Coal declared the company as the successful bidder for Gare Palma IV/1 Mine.

Jindal Power (JPL) a subsidiary of Jindal Steel & Power Limited (JSPL) has been 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.

Stock of Jindal Steel & Power opened higher at Rs 270.90 against its previous close of Rs 266.05 today. The stock gained over 2.54% to hit the day's high of Rs 272.80 on BSE. Jindal Steel & Power stock also hit an intraday low of Rs 268.15 during early trade.

Jindal Steel share price is trading higher than 5, 20, 50, 100 and 200-day moving averages.

Market capitalisation of the firm stood at Rs 27,550.63 crore as of today's session. The share touched its 52-week high Rs 287.35 and 52-week low Rs 62.10 on 17 December, 2020 and 03 April, 2020, respectively.

Jindal Steel & Power share has risen 4.65% in one week, 7% in a month and 63% in one year.

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