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Jindal Stainless (Hisar) Ltd.

BSE: 539597 Sector: Metals & Mining
NSE: JSLHISAR ISIN Code: INE455T01018
BSE 14:43 | 16 Oct 66.75 0.40
(0.60%)
OPEN

66.85

HIGH

67.20

LOW

66.35

NSE 14:34 | 16 Oct 66.70 0.30
(0.45%)
OPEN

67.00

HIGH

67.50

LOW

66.50

OPEN 66.85
PREVIOUS CLOSE 66.35
VOLUME 57976
52-Week high 113.15
52-Week low 58.00
P/E 6.59
Mkt Cap.(Rs cr) 1,575
Buy Price 66.45
Buy Qty 49.00
Sell Price 66.75
Sell Qty 135.00
OPEN 66.85
CLOSE 66.35
VOLUME 57976
52-Week high 113.15
52-Week low 58.00
P/E 6.59
Mkt Cap.(Rs cr) 1,575
Buy Price 66.45
Buy Qty 49.00
Sell Price 66.75
Sell Qty 135.00

Jindal Stainless (Hisar) Ltd. (JSLHISAR) - Chairman Speech

Company chairman speech

It filled my heart with pride when India became the second largest producer ofstainless steel in the world in the preceding year. This is a commendable milestone forus. Jindal Stainless (Hisar) Limited (JSHL) the pioneer stainless steel company in Indiastands testimony to the metamorphosis of this industry since the time our country beganproducing stainless steel in early 1970s. Our journey has been nearly five decades longand JSHL has always been a trendsetter for the stainless steel industry. I thank each oneof you for your unwavering support.

Stainless steel industry's annual growth rate stands unrivalled for over two decades at5.39 % higher than aluminium copper and carbon steel as per the International StainlessSteel Forum. Domestic consumption of stainless steel is growing with expanded applicationsin defence railways elevators industrial applications urban infrastructure and newautomobile constituents like exhaust systems.

Our R&D efforts have made us the only company in India which can supply stainlesssteel for certain specialised defence products. At JSHL our objective will be to delivercustomised value added products and to diversify the product mix to further enhance ouroffering in the market.

Our engagement with customers has moved up a notch beyond the transactional approach.We have adopted a partnership model with our customers segment and region wise givingconsideration to all their needs. Last year we began to switch to digital businesstransactions. We have digitised most of our transactional interfaces to improve the supplychain mechanism and reduce the lead time in the system. We wish to continue to invest intechnology to serve our customers better.

Our environmental and social performance in FY'18 further strengthened the promise of abright future for our company. We are inching towards the phenomenal shift of making allour transactions across functions paperless. JSHL's social initiatives around itsoperating periphery to promote education enhance vocational skills support womenempowerment initiatives and assist farmers with organic farming have reaped rich benefitsfor our communities.

Short term future might be ridden with market pressures due to protectionist policiesaround the globe including Europe and USA. India may be afflicted with imports in absenceof any safeguard measures for the domestic stainless steel industry. In light of severaldeveloped countries across the globe undertaking strong measures to safeguard theirdomestic manufacturing industries it is high time that the Indian government also tooksuch bold measures to protect the interests of local manufacturers. This includes completestaunching of CVD circumvention and revisiting the very purpose of existing free tradeagreements (FTA) with ASEAN countries such as Korea and Japan. Not only have the FTAscreated huge trade imbalances for domestic players they've also widened India's tradedeficit with these countries.

The competitiveness of domestic players is further compromised by the 2.5% importduties levied on the two main input material for the stainless steel industry namelyferro-nickel and stainless steel scrap. It is ironical that import duties be levied on rawmaterials such as these which are not available domestically. On the other hand thebasic custom duty (BCD) imposed on stainless steel goods is only 7.5% whereas thecorresponding figure for carbon steel is 12.5%. This unfavorable situation - of rawmaterials becoming expensive and import of finished goods into the country being easier -leaves the domestic stainless steel industry grappling with an inverted duty structure.These issues have been raised with the government and the Company is awaiting asprecedence suggests a positive response. Years ago we began our journey when there wasno roadmap or guiding signs to show us the way. Our strong beliefs led by passion castedthe course of this industry. We will continue to preserve grow and nurture this legacyfor the society at large with higher ambitions for the future.

I take this opportunity to thank all our stakeholders for their unrestricted support. Iexpress my gratitude to all our shareholders board of directors customers and bankers. Ioffer my sincere thanks to my fantastic team at JSHL who have dedicatedly driven all ourendeavours. I look forward to continued support from all of you for the many moremilestones we are slated to achieve together in the future.