The government has proposed an ordinance to allow e-auction of mines to private players while adding that state-run companies would be allocated mines directly.
Respect government's decision, will proceed with the auctioning process
Ravi Uppal
MD & CEO
JSPL
In a move to decide the fate of coal blocks that were de-allocated by Supreme Court recently, the government on Monday proposed an ordinance to allow e-auction of mines to private players while adding that state-run companies would be allocated mines directly.
According to Uppal, a timely re-allocation of coal blocks will ensure continuity. He expects coal supply to power plants to continue if auction starts in 3 months, however Uppal feels it is still too early to predict aggressive bidding. He is confident that the company would be allowed to participate in auction.
Shares of JSPL tanked 14 percent, hitting nearly 6-year low at Rs 128 per share intraday on Monday after the CBI registered a fresh case of alleged cheating and corruption against the company, in connection with its probe into coal blocks allocation probe. However, the stock recovered some losses on Tuesday morning and was trading up around 6 percent.
Uppal said the company respects government's decision and will proceed with the auctioning process however, they do not agree with CEC's recommendations to the SC.
According to Uppal, there are factual mistakes in the report with reference to Sharda mines and that the company will be filing a review petition.
Below is the transcript of Ravi Uppal's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Latha: What is your sense? Will the bidding be aggressive when the e-auction starts?
A: The government has fixed a timeframe of doing auction within next three-four months. I hope that it happens as early as possible because right now the mines which are deallocated. They have said that they can continue operation up to the end of March. If they can do the auction process on time, by the end of January, I think it will ensure to continue the supply of coal to the power plant.
Jindal Steel stock price
On October 21, 2014, at 11:11 hrs Jindal Steel & Power was quoting at Rs 143.20, up Rs 7.80, or 5.76 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 128.00.
The company's trailing 12-month (TTM) EPS was at Rs 14.86 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 9.64. The latest book value of the company is Rs 142.79 per share. At current value, the price-to-book value of the company is 1.00.
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