Jindal Steel Power generation + IOC Bonus

Jindal Steel & Power has told us that the company have been informed by Jindal Power, a subsidiary company, that first unit of 250 MW capacity has started generation of power for commercial purposes. Other three units of 250 MW each are in the final stage of implementation and the project (1000 MW) is likely to be operational by July, 2008.

Indian Oil Corporation (IOC)’s reserves and surplus have mounted to Rs 33,689 crore, almost 29 times its paid-up capital of Rs 1,168 crore. The biggest beneficiary of this move would be the Government of India, which holds over 80.35% in IOC. In past, IOC had issued bonus shares in the ratio of 1:1 in 1999 and 1:2 in 2003. The government has asked the company to consider a Bonus Issue.