Shares of Jindal Steel and Power jumped around 2 percent intraday Friday on fund raising plans. According to CNBC-TV18 sources, the company is eyeing to raise USD 1 billion via bond issue, which will help to ease its huge debts.
It is learnt that the bond is likely to come by the end of FY15 while the mangement team is working on a detailed debt reduction plan.
Net revenue for September quarter stood at Rs 5,143 crore against Rs 4,852 crore in the year-ago period. The company’s consolidated net debt at the end of September 30, stood at Rs 37600 crore, nearly Rs 2,000 crore more than a year ago. Higher interest led to a 12 percent drop in consolidated net profit for the September quarter to Rs 400 crore against Rs 455 crore in the same quarter last year.
At 14:19 hrs Jindal Steel & Power was quoting at Rs 154.05, up Rs 1.75, or 1.15 percent on the BSE.
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