Jindal Steel & Power is trading higher after the company's losses narrrowed in the December 2016 quarter.
Jindal Steel & Power said it posted a net loss of Rs 186.53 crore in the quarter ended December 2016 as compared to net loss of Rs 519.02 crore in the year-ago quarter. Total income rose increased from Rs 2919.48 crore for the quarter ended December 31, 2015 to Rs 3518.95 crore for the quarter ended December 31, 2016.
On consolidated basis, the Group posted a net loss Rs 407.44 crore in the quarter ended December 2016, as compared to net loss of Rs 869.73 crore in the year-ago quarter.
Jindal Steel & Power shares spurted to Rs 93.80 on BSE this morning, and despite declining to Rs 89, are up in positive territory now, gaining about 1% from its previous closing price.
The stock, which had touched a low of Rs 52 on 29 February 2016, touched a high of Rs 96.25 on 7 February 2017.