JSPL executes first railway order before schedule

The stock of Jindal Steel and Power (JSPL) gained on Wednesday as the company successfully executed its first-ever rail order to Indian Railways. Under this order, the company has supplied 1,26,604 tonnes of long rails to Indian Railways before schedule.

JSPL had received the first-ever global tender for supply of rails to Indian Railways in July 2018. The total value of that contract was around Rs. 732 crore. The company is also hoping orders of around volume 2 lakh tonnes per annum of 13/26 metre rails from Rail Vikas Nigam Limited (RVNL) and IRCON International Limited.

Recently, JSPL won an order from RVNL to supply 89,042 tonnes of UIC 60 kg IRS T-12 880-grade 13-metre rails for RVNL’s upcoming projects. The order is valued at around Rs. 665 crores. RVNL has sent the LoA for the same to JSPL on May 8, 2019.

On Wednesday, the stock of JSPL opened at Rs. 129.50 per share and made an intraday high of Rs. 133.45, up by 2 per cent during the morning session, on BSE. At 11:01 hours, the stock was trading at Rs. 131.95 per share.