Jindal Steel and Power (JSPL) is optimistic it will get to retain control of two mines it won during the coal auction that are now being reviewed by the government, MD Ravi Uppal told CNBC-TV18.
Jindal Steel and Power (JSPL) is optimistic it will get to retain control of two mines it won during the coal auction that are now being reviewed by the government, MD Ravi Uppal told CNBC-TV18.
In an interview with Latha Venkatesh and Sonia Shenoy, Uppal said the company's subsidiary won the Gare Palma IV/2 & 3 (at a price of Rs 108 per tonne) and Tara (at Rs 126) through a fair and transparent bidding process and it was hopeful it would get to retain it.
Coal secretary Anil Swarup told CNBC-TV18 in an interview yesterday that the government would reexamine a total of nine blocks between schedules II and III because the winning bids were "not at the same levels as similar blocks in the same group" and dubbed them as being "outliers".
But Uppal, whose company won two of such blocks currently under review, said the company had not heard from the government so far.
"The bidding [in the reverse auction] for Gare Palma IV/2 and 3 started at positive Rs 700 and it finally settled at a negative Rs 108," Uppal pointed out.
In a reverse auction, bidders start with how much they want to be paid (in this case, to undertake mining activity) before participants lower the amount – and in many cases, go from seeking to offering money to have the right to explore.
Jindal Steel stock price
On March 18, 2015, at 11:10 hrs Jindal Steel & Power was quoting at Rs 179.05, up Rs 5.00, or 2.87 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 125.05.
The company's trailing 12-month (TTM) EPS was at Rs 3.88 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 46.15. 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 1.25.
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