Jindal Steel & Power's Gare Palma IV/6 Coal Mine starts production

Jindal Steel & Power (JSP) has announced the successful commencement of production at the Gare Palma IV/6 coal mine, strategically positioned in Chhattisgarh. This significant development marks a vital milestone in JSP's continued journey in advancing its raw material security. This mine will also support the proposed expansion of its Raigarh integrated steel plant to a capacity of 9.6 Million tons per annum (MTPA) from the existing 3.6 MTPA.

"The proposed expansion aligns perfectly with the vision of AtmaNirbhar Bharat, as it will substantially bolster India's steel production capacity using our own swadeshi coal. We aim to finance this expansion predominantly through internal accruals, ensuring a healthy balance sheet", said Mr Bimlendra Jha, Managing Director, Jindal Steel & Power in a statement.

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 700.90 as compared to the previous close of Rs. 682.25. The total number of shares traded during the day was 95800 in over 2650 trades.

The stock hit an intraday high of Rs. 705.20 and intraday low of 688.30. The net turnover during the day was Rs. 66852076.00.

Source : Equity Bulls

Keywords

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