The Securities Appellate Tribunal has slashed the penalty imposed by Sebi on Jindal Cotex Ltd (JCL) to Rs 25 lakh from Rs 10.3 crore in a case related to manipulation in the issuance of global depository receipts.

SAT reduces Sebi’s penalty on Jindal Cotex to Rs 25 lakh in GDR case

Jindal Cotex consolidated net profit declines 94.19% in the December 2022 quarter

The notice came after JCL failed to pay the fine imposed on it by the Securities and Exchange Board of India.

SEBI Issues Rs 14-Crore Demand Notice To Jindal Cotex In GDR Manipulation Case

Jindal Cotex Standalone September 2021 Net Sales At Rs 2.47 Crore, Down 51.91% Y-o-Y

Jindal Cotex Consolidated March 2021 Net Sales At Rs 8.49 Crore, Down 18.67% Y-o-Y

During the probe, Sebi observed that the entire 1.51 million GDRs were subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE).

GDR manipulation: Sebi levies Rs 10.7 cr fine on Jindal Cotex, 3 officials

Hasn't fared well - amongst the low performers

Performance

Undervalued compared to the market average

Valuation

Lagging behind the market in financials growth

Growth

Showing good signs of profitability & efficiency

Profitability

Fundamentals

Not a good time to consider, stock is in the overbought zone

Technicals

Entry point

The stock has a moderate number of red flags

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Red flags

Jindal Cotex Limited (JCL) is a company, which is engaged in the business of textiles and windmill. The Company is engaged in the manufacturing of synthetic, cotton and blended yarns.

Jindal Cotex Ltd