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Jindal Steel falls as Q4 profit lags; Kotak says clarification required

Source : REUTERS
Last Updated: Fri, Apr 26, 2013 04:45 hrs
Investors watch a display at a local share market in the northern Indian city of Chandigarh

India's Jindal Steel And Power Ltd shares fall 1.4 percent after it said in a statement on Thursday its March-quarter consolidated net profit fell 34.88 percent to 7.60 billion rupees.

Consensus forecast for Jindal Steel's March-quarter consolidated net profit was 9.64 billion rupees.

Kotak Institutional equities said the company's March-quarter performance was difficult to explain as its steel realization declined by 3,000 rupees per ton at a time when the price decline in the market was 500 rupees per ton.

"This inexplicable performance would require clarification from the management," Kotak said in a report.

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