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Business Today
|November 20, 2016
With the worst performance among sectors in BT500, most mining and metal companies continue to struggle.
ON OCTOBER 6, Naveen Jindal-run Jindal Steel and Power (JSPL) said it had defaulted on payment of interest on non-convertible debentures (NCD) because of a cash flow crunch. It is a complete contrast to the heydays of the steel maker at the turn of this decade. The share price of the company was at its peak at above ₹700 and its market value was higher than established biggies such as Tata Steel, SAIL and JSW Steel. The company had a consolidated profit of ₹3,800 crore on revenue of nearly ₹13,000 crore in 2010/11.
However, in the past one year, the market value of JSPL has fallen 43 per cent and the share price stood at around ₹75 at the end of September 2016. In the previous financial year, the steel maker made a consolidated loss of around ₹2,000 crore on revenue of around ₹19,000 crore. The net debt stood at ₹46,000 crore.
This story is from the November 20, 2016 edition of Business Today.
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