Jindal Steel prepayment of debt by Mr. Yash Gupta, Angel Broking Ltd
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Below are Quote on Jindal Steel prepayment of debt by Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd
The Company's production stood at 7.51 Million tonnes during the financial year ended 31st March, 2021. JSPL has recently announced divestment of its thermal power business to reduce its debt further as well as to cut down on its carbon footprint by almost half.
JSPL has worked tirelessly with a singular focus of debt reduction of more than Rs. 20000 crores from a peak of approx. Rs.46,500 Cr in 3QFY17 to Rs.25,600 Cr as reported in 3QFY21. This reduction of Rs.2,462 Cr is over & above the annual committed debt reduction in the financial year 2020-2021.
This is very significant debt reduction by the company and aiming to become Net Debt free is also very positive for the stock.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
