Stocks of Jindal Steel & Power Ltd rose by 1 per cent today after its Chairman Naveen Jindal was granted bail by a special court in a coal block allocation scam case.
JSPL's scrip ended the day with a gain of 1.06 per cent at Rs 137.70 on the BSE. During the day, it had climbed 4.36 per cent to Rs 142.20.At the NSE, it rose by 1.06 per cent to close at Rs 137.75.
Congress leader and industrialist Naveen Jindal, ex-Minister of State for Coal Dasari Narayan Rao, former Jharkhand Chief Minister Madhu Koda and seven others were today granted bail by a special court in a coal block allocation scam case.
The accused were summoned by the court in the case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand to two Jindal group firms, Jindal Steel and Power Ltd (JSPL) and Gagan Sponge Iron Pvt Ltd (GSIPL).
After the court's hearing, JSPL, in a statement, said that "the court was informed there was no loss or gain to anyone as no exploration could be undertaken in the said coal block because of intense naxal activities in that area."
"The company has not violated any rules and regulations and allocation was made to the company purely on merit. The company has full faith in judiciary and is confident to come out clean and stand vindicated, upon outcome of the legal process, as there is no substantial case against any accused," the statement said.Meanwhile, in the stock market the BSE benchmark Sensex ended at 27,957.50, up 148.15 points.