Jindal Drilling beaming with "award"

There is a lot of action today on the counters of Jindal Drilling. Its 2-week average turnover is around 7000 shares and today, it has already clocked volume of over 1.5 lakh shares. The stock price rose 16% to Rs.176.40. It attracts a 20% UC and this is at Rs.182.70.

The company stated that it has settled an arbitration award at $9.10 million with complete waiver of all costs, legal and other expenses. This is much lower than the original award of $31.77 million by way of damages passed against the company, along with interest and other expenses. The market is happy that settlement is done and that too at over 70% lower charges.

In December 2016, an arbitration award for $31.77 million relating to the Noble Edholt jack-up rig was passed against the company.