In response to the appeal, the High Court not only restricted Tara coal block allocation but also asked the government to explain allotment of Gare Palma IV/2 and 3 to Coal India.
In a major relief to Jindal Steel and Power , the Delhi High Court Monday restricted government from allocating Tara coal block to Coal India . Earlier in the day the government had allotted Gare Palma IV/2 & 3 and Tara block to Coal India despite JSPL and Balco emerging top bidders. Government said it was rejecting three of JSPL's successful bids in the recently-concluded coal block auctions due to low bids made by the company .
The development comes after JSPL moved the Delhi HC against the decision of the Centre saying the blocks may be allocated to someone else as the government is "moving very fast". In response to the appeal, the High Court not only restricted Tara coal block allocation but also asked the government to explain allotment of Gare Palma IV/2 and 3 to Coal India.
Speaking to CNBC-TV18, Ravi Uppal, MD and CEO, JSPL said the company was shocked with the government's decision and believes that the bids were highly competitive for all the blocks.
The company has not been given any reason for the bid rejection and believes the prices were very realistic. The government has also not given the company a chance to explain how value accretive the bids were, said Uppal.
While the company is mulling various options to tackle this problem, around 3500 MW of power capacity is now at stake due to the cancelled bids, said Uppal.
Jindal Steel stock price
On March 23, 2015, Jindal Steel & Power closed at Rs 154.55, down Rs 10.4, or 6.3 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 39.83. 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 1.08.
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