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Jindal Steel & Power repays debt in its Australian unit, stock rises 2%

Shares of Jindal Steel and Power were trading 1.12 per cent higher at Rs 400.20 last time on the BSE.

Share price of Jindal Steel & Power (JSPL) rose nearly two per cent on Thursday, September 9 after Jindal Steel & Power (Australia), a subsidiary of the steel major, made a prepayment of $105.66 million (Rs 777.4 crore). On Thursday, Jindal Steel & Power opened at Rs 397 on the BSE, hitting an intraday high of Rs 402.55 and an intraday low of Rs 395.25 during the trading session so far.

The prepayment has helped reduce Australian debt by around 50 per cent, according to regulatory filings given by the company to stock exchanges.

Jindal Steel & Power said in its statement that it aims to fully pay off its external debt in the coming quarters. The company’s net debt in the April-June quarter of the financial year 2021-22 was reported to be Rs 15,227 crore.

“We are paying lenders ahead of time to strengthen our balance sheet. The company is aligned with India’s growth story and we aim to become a net debt free company through accelerated deleveraging by FY13. The Managing Director, Jindal Steel & Power, Shri V.R. We will increase our steelmaking capacity in Angul to more than 12 MTPA through in-house sources by 2025, Sharma said.

On NSE, Jindal Steel & Power opened at Rs 397.50 in the session so far, recorded an intraday high of Rs 402.55 and an intraday low of Rs 395.20. It was trading 1.26 per cent higher at Rs 400.80 last time on NSE.

Shares of Jindal Steel & Power were trading 1.12 per cent higher at Rs 400.20 last time on the BSE.

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