Shares of this Jindal Group stock under the ‘large-cap’ category gained up to 3.40 percent after receiving a rating upgrade from CARE Ratings.
With a market capitalization of Rs 66,412.84 crores, the stocks of Jindal Steel & Power Limited closed at Rs 651.05. The scrip witnessed an intra-day high of Rs 661.80, indicating a gain of approximately 3.40 percent as compared to the previous closing levels of Rs 640.30 apiece.
In a recent regulatory filing with the BSE dated 23rd October 2023, the company announced that CARE Ratings, one of the well-known credit rating agencies based in India, has upgraded the company’s credit rating of “Long-Term Debt” from “AA(-)” with Positive outlook to “AA” with Stable outlook.
In addition, the company also disclosed that its Non-Convertible Debentures (NCDs) were assigned a rating of “AA” with a Stable outlook from ICRA Limited.
During the recent financial quarters, the company saw an opposing movement as far as the operating revenues and net profits are concerned.
The operating revenues, on one hand, reduced from Rs 13,691.93 crores during Q4FY22-23 to Rs 12,588.34 crores during Q1FY23-24, and, the net profits, on the other hand, rose drastically from Rs 465.69 crores to Rs 1,691.97 crores keeping the timeframe the same.
As per the September 2023 quarter, the company’s shareholding pattern showcases the Promoters holding a 61.20 percent stake, and the Foreign Institutional Investors (FIIs) holding a considerable stake of 12.22 percent in the company.
Jindal Steel & Power Limited is a company based in India that is engaged in the business of steelmaking, power generation, mining, and infrastructure sectors. The company caters to various industries covering railways, roads, civil construction, and many more. The company generates a majority of its revenue from domestic operations within India.
Written by Amit Madnani
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