Robust demand, firm steel prices boost JSPL's profitability
IANS -
The company's standalone Q1 FY22 net profit stood at Rs 2,661, up from Rs 505 crore in the same period of the previous year. However, the company's profitability had been hit due to pandemic disruptions as is evident from MoM profit figures. The company had reported net profit of Rs 3,426 crore in Q4 period of FY21.
JSPL accepts revised bidding offer from Worldone for stake sale in JPL
IANS -
JPL is a material subsidiary of Jindal Steel and Power Limited (JSPL). Key features of the revised offer are that Worldone will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for a total consideration of around Rs 7,401 crore of which Rs 3,015 crore will be payable by cash, and the balance of around Rs 4,386 crore will be by way of assumption and takeover of liabilities and obligations of JSPL.
JSPL's steel sales rise 21% in July
IANS -
Steel sales were up 5 per cent Y-o-Y and surged 21 per cent M-o-M to 6.7 lakh tonnes as compared to 6.4 lakh tonnes during the same month in the previous year. The recovery in sales indicates business resuming to normal post the second wave of the pandemic that resulted in lockdowns in various places across the country.
JSPL to launch bidding process for JPL divestment
IANS -
After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all of the investor feedback received by the Company. The key highlights of the revised Offer are that Worldone will buy out all the Equity Shares and Redeemable Preference Shares of JPL held by JSPL.
Karnataka puts brakes on decision to sell land to JSW Steel
IANS -
On April 26, the cabinet headed by Chief Minister B.S. Yediyurappa had decided to sell off a whopping 3,667 acres land to JSW Steel, a deal it had opposed in 2019 when it was in the opposition and the ruling Congress-JD(S) coalition government had favoured the lease-cum-sale agreement.
JSPL puts off sale of power subsidiary to promoter group on investor concerns
IANS -
"However, a few investors have requested the company to examine and simplify certain terms around the proposed sale, before requiring them to consider the resolutions in relation to the proposed sale. In view of the above and given the unprecedented situation of Covid-19, the company would require additional time to engage with the concerned parties for evaluating the same," JSPL said in a regulatory filing last week.
JSPL delays EGM on JPL disinvestment after questions raised on deal
IANS -
JSPL has called company's EGM on Monday to get shareholders approval for JPL disinvestment in favour of Worldone Pvt Ltd, a company owned by the Jindal family. "A few investors have requested the company to examine and simplify certain terms around the JPL disinvestment, before requiring them to consider resolutions in relation to the same.
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