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Monday 8 January 2018

Capitalstars Updates: Jindal Steel & Power to raise Rs1,000cr through QIP route: 8 Jan 2018

Capitalstars Updates: Jindal Steel

Proceeds from QIP to repay debt, clears dues from capacity expansion

The management of Jindal Steel and Power Ltd (JSPL) has announced that it is planning to raise up to Rs1,000cr through qualified institutional placement (QIP) route in February 2018. The management stated that the purpose of the QIP was to repay debt as well as clear dues relating to working capital and capacity expansion. The company is also planning to raise Rs1,500-2,000cr by listing its Oman subsidiary, Jindal Shadeed, on a foreign exchange.

 JSPL had acquired Shadeed Iron and Steel in 2010 and the company has a 2 MT integrated steel plant at Sohar, Oman. This facility also includes a 1.5 MT bar mill. JSPL has also launched Jindal Panther TMT Rebar brand in the middle east markets. The sales and production volumes for Jindal Shadeed stood at 0.43 MT for Q2FY18, which is a utilization rate of ~81%. The management also stated that the production at the Oman plant is unlikely to face issues with production ramp up. This is due to the fact that the Oman govt has given the plant higher allocation of natural gas.

 The company has recently finished a round of capital expansion and the overall steel capacity of the group would stand at 11 MT by May 2018. 

 Domestic capacity would reach 9 MT by March end. All of these developments are positives for the company in the medium to long term. The stock is likely to continue to see strong upside momentum in the near term as well.

 Jindal Steel & Power Ltd is currently trading at Rs263.6, up by Rs24.3 or 10.15% from its previous closing of Rs239.3 on the BSE. The scrip opened at Rs245.4 and has touched a high and low of Rs270.3 and Rs245.4 respectively. The current market cap of the company is Rs21,930.51cr. The stock touched a 52 week high of Rs252 on 04-Jan-2018 and a 52 week low of Rs71.6 on 05-Jan-2017. Last one week high and low of the scrip stood at Rs252 
and Rs199.9 respectively.

 The promoters holding in the company stood at 61.89 % while Institutions and Non-Institutions held 21.22 % and 16.89 % respectively.

 The stock is currently trading above its 50 DMA.

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1 comments:

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