New Delhi: Hit hard by rising interest burden and lower sales realisations, Jindal Steel and Power's (JSPL) consolidated net profit fell by nearly 35 per cent to Rs 760.27 crore for the quarter ended March 31, 2013. The company, headed by Naveen Jindal, had reported a net profit of Rs 1,167 crore in same quarter of FY'12. Net sales during the fourth quarter of 2012-13 reported a meagre growth of 2.16 per cent at Rs 5,583.33 crore. The company had reported a net sales of Rs 5,465.26 crore in the January-March quarter of 2011-12.
JSPL is also looking to double the capacity of both of its businesses -- steel and power -- during the current fiscal, company's Managing Director Ravi Uppal told reporters in Delhi. The company is looking to increase its steel making capacity to 7 million tonnes per annum (MTPA) by adding 2 MT capacity at Odisha's Angul and another 2 MT capacity in Oman by September-October 2013, he said.
It is also planning to commission all four units of its upcoming 2,400 MW power plant in Chhattisgarh by the end of current fiscal, Uppal said, adding that after that, JSPL's power production capacity will go up to 4,969 MW. While the gross revenue from steel went up nearly 10 per cent to Rs 4,840.63 crore, realisations from power were down nearly 12 per cent to Rs 1,130 crore in March quarter.
Its realisations from power business came down to Rs 3.17 per unit during
12:30 PM, Apr 26, 2013
A Delhi court on Monday dismissed the bail plea of two Zee News editors facing charges of extortion bid against Congress MP and industrialist Naveen Jindal's Jindal Steel Power Limited (JSPL). The duo, Sudhir Chaudhary and Samir Ahluwalia, was accused by Jindal of trying to extort Rs 100 crore from the company to not air negative stories over its alleged involvement in the coal blocks allocations controversy. ...
08:21 PM, Dec 03, 2012
Mumbai: The Bombay High Court on Tuesday directed Congress MP Naveen Jindal-owned Jindal Steel and Power Ltd, which has filed a Rs 200 crore defamation suit against a news channel, to submit the transcripts and records of the 'sting operation' on alleged extortion demand made by the channel. The order was passed by Justice SJ Kathawalla, who was hearing the defamation suit filed by JSPL against Subhash Chandra, Puneet Goenka,...
09:46 PM, Oct 30, 2012
Odisha government has asked 36 steel companies, including Posco-India and ArcelorMittal, which had signed MoUs to immediately submit their physical and financial progress reports, according to official sources. ... 
Delhi Police on Tuesday told a court here that it would need the custody of two Zee News channel editors to confront them with group Chairman Subhash Chandra and his son in the case of their alleged bid to extort Rs 100 crore from a Congress MP Naveen Jindal's group firm. ... 
