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Jindal Steel Q1 net up 2-fold; announces 5:1 bonus issue

Jindal Steel & Power today reported a two-fold increase in consolidated net profit at Rs 988.47 crore during the first quarter ended June 30, 2009. - Jindal Steel & Power: Power boost - Jindal Steel & Power promoter pledges 1.65% stake - Tata Steel Q1 net declines 47% - Lanco Infra Q1 net doubes to Rs 116 cr - NEWSALERT: GlaxoSmithkline Consumer Healthcare posts 20% rise in Q1 profit - Firstsource turns around, posts Q1 net of Rs 38 cr Total income rose to Rs 2,786.22 crore during the June quarter, from Rs 2,180.38 crore in the corresponding period a year ago, Jindal Steel said in a filing to the Bombay Stock Exchange(BSE). The board has approved the allotment of five bonus shares of Rs one each for every share held in the company. However, on a standalone basis, Jindal Steel posted a net profit at Rs 300.06 crore, down 25.41 per cent over the period last year. Total income decreased to Rs 1,592.66 crore during the quarter under review, from Rs 1,902.74 crore in the year-ago period. Shares of Jindal Steel were trading at Rs 3,217, up 6.71 per cent in the late afternoon trade on the BSE.

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