 "Jindal Steel")
India's Jindal Stainless reported a 32.6 per cent rise in second quarter profit on Monday, on strong growth in volumes driven by improved domestic demand conditions. The O.P. Jindal Group company's consolidated profit after tax rose to Rs 808 (about $92 million) for the quarter ended September 30, as compared to 6.09 billion rupees last year.
Its net revenue rose 11.4 per cent to Rs 10,893 crore.
KEY CONTEXT
Local demand for stainless steel - used in transport, construction, appliances and industrial goods - stayed firm in the July-September quarter, buoyed by strong manufacturing activity, infrastructure rollout and steady government spending.
The company said in August that the launch of an anti-dumping investigation by the government into cheap stainless steel imports had been delayed due to trade uncertainty stemming from US tariffs on Indian goods.
Analysts said that Jindal Stainless stands to gain the most from a potential anti-dumping duty on cold-rolled stainless steel flat imports from China, Indonesia and Vietnam.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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