Page 3 - Jindal Stainless Steel

Jindal Stainless elevates Whole Time Director Tarun Khulbe as CEO

Jindal Stainless Ltd on Monday said it has elevated Whole Time Director Tarun Khulbe as Chief Executive Officer (CEO). A decision in this regard was taken at the company's board meeting last week, Jindal Stainless Ltd (JSL) said in a regulatory filing. "The board has approved the elevation of Tarun Khulbe as the Chief Executive Officer & Whole Time Director," it said. He has been serving as the Whole Time Director of the company since May 2018. He will continue to hold the post besides that of the CEO, the company said. Khulbe has around 35 years of industry experience in business development, supply chain management, people practices and IT enablement. "His experience in crafting long-term business strategies and strengthening all facets of operations and sales has been commendable. At a time when the company is expanding and maturing its upstream and downstream linkages, having Khulbe at the helm of affairs is critical to our growth plans," JSL Managing Director Abhyuday Jindal

Jindal Stainless MD calls for removal of raw material duties in Budget 2024

Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam. "One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum," Jindal told PTI. At present, 2.5 per cent import duty is levied on ferro nickel and 5 per cent on ferro molybdenum. Speaking further on Budget expectations, the JSL MD said severe dumping is happening from China, Vietnam, and certain countries with which India has Free Trade Agreements (FTAs). This is putting severe pressure on MSMEs and preventing the stainless steel indu

Jindal Stainless Q3 results: Net profit rises 39% to Rs 692.33 crore

Revenue from operations at Rs 9,127.45 in Q3FY24 crore was higher from Rs 9,062.50 crore in the same period last year

Jindal Stainless announces Employee Stock Option Plan for senior officials

Jindal Stainless Ltd (JSL) on Tuesday announced an Employee Stock Option Plan (ESOP) for senior company officials. The primary objective of introducing ESOPs for 150 senior members is to attract, incentivise and retain talent, fostering a shared sense of ownership and aligning the interests of the employees with those of the organisation, the company said in a statement. JSL has granted 15,68,266 stock options, using the instrument of ESOPs and restricted stock Units (RSUs) in an equal mix, to eligible employees under the JSL Employee Stock Option Scheme 2023. The ESOPs will vest over a period of four years, alongside linkage to performance conditions, it said. "The implementation of ESOPs is a testimony of our intent to retain our people and make them true partners in our progress. Besides, it helps align the interests of our senior team with our long-term growth plans," Jindal Stainless Managing Director Abhyuday Jindal said.

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

Jindal Stainless to generate 1.9 bn units of clean energy via green drive

Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum. "Jindal Stainless... will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants, according to its newly released Sustainability Report," the company said in a statement. The company has already entered into partnership with ReNew Power to deliver 100 megawatt round-the-clock renewable energy. "The remarkable achievements in renewable energy initiatives are pivotal to our vision of a greener future. "Our strides in R&D foster innovation that elevates industry standards and ensures our operations contribute positively to the planet and its people," Jindal Stainless Managing Director Abhyuday Jindal said.

India's steel import to be elevated at 6MT in FY24 on strong demand: CRISIL

India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil. The report comes at a time when steel players are registering strong concerns of surging imports. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said. The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. "Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep Ind

JSL gets board approval to acquire Rabirun Vinimay for Rs 96 crore

Jindal Stainless Limited (JSL) on Tuesday said its board of directors has approved the acquisition of Rabirun Vinimay Private Ltd which is under liquidation. The cost of the acquisition is Rs 96 crore, JSL said in a regulatory filing. "The Board of Directors accorded its consent for acquisition of 100 per cent stake in Rabirun Vinimay Private Limited (RVPL), a company under liquidation, on a going concern basis, in terms of the applicable provisions of Insolvency and Bankruptcy Code, 2016," it said. JSL said RVPL has potential downstream cold-rolling manufacturing capacity of 250 KTPA (kilo tonne per annum) for wider and thinner segment besides having a capacity of 50 KTPA for pipe and tube segment. Its plant is located at Vidyasagar Industrial Park, Kharagpur, West Bengal over 60 acres of land area. The plant is currently shut down. "The proposed acquisition would complement the management's objective of increasing the cold-rolling capabilities of going thinner with wider width to

Jindal Stainless, PNB among four stocks to enter MSCI global index in Feb

A slide in shares of Indraprastha Gas and Petronet LNG could increase the risk of their expulsion from the MSCI index

Jindal Stainless aims to cut emissions by 50% 'way ahead' of 2035 target

India's largest stainless steel company will invest Rs 700 cr in projects to cut emissions

Jindal Stainless Q2 results: Net profit more than doubles to Rs 764 cr

Jindal Stainless Ltd (JSL) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income. It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday. The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago. JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago. In a separate statement, JSL Managing Director Abhyuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." "As we wait for the National Stainless Steel Policy, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said. Chinese imports have increased by nearly 55 per cent year-on-year, which ..

Supplied high-strength alloy steel for Chandrayaan-3: Jindal Stainless

Jindal Stainless Ltd (JSL) on Friday said it supplied high-strength alloy steel grade to ISRO which was used in Chandrayaan-3 mission. The specialised alloy steel grade supplied to the Indian Space Research Organisation (ISRO), usually imported from several countries, was meticulously developed over a span of three years with the help of an advanced refining process to meet the stringent quality standards and specifications of the crucial project, JSL said in a statement. The company stated that "it developed and supplied special, high-strength alloy steel grade that has been used in the motor casing of India's ambitious third lunar mission, the Chandrayaan-3". The heat-resistant material shields the motor from shocks as well as elevated temperatures, the company said. Its properties, which persist even under the most extreme thermal conditions, underscore the alloy steel grade's reliability and suitability for critical space missions, the company said. On Wednesday, ISRO's third

Stylish and sturdy: Stainless steel cutlery gets branding upgrade

Dinnerware becomes the favourite of chefs and families to serve food before guests

Graves a barrier for Jindal's $2 billion South African iron-ore mine

The obstacles faced by the company highlight the challenges of investing in South African mining, where decades of violations of environmental and social rights under apartheid eroded trust

Jindal Stainless seeks govt intervention to check surging steel imports

Stainless steel maker Jindal Stainless Ltd (JSL) has sought the government's intervention to check increasing imports of steel products from a select group of countries including China. Select few countries including China are flooding the domestic market with their products, Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said. "We urge the government to take some steps to check these imports. The government can put anti-dumping duty (ADD) and countervailing duty (CVD) on the import of the items," he said. According to official data, the Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June 2023 as compared to June 2022. India's steel imports rose 7.6 per cent to 4.84 lakh metric tonne during June 2023, over the same month last year. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's sh

Jindal Stainless pitches for imposition of CVD on stainless steel imports

Consolidated revenue was at Rs 10,183.96 crore, higher by 25.44 per cent as sales volume increased

PMO probing dumping of Chinese stainless steel, said Abhyuday Jindal

Stainless steel producers have petitioned the government to impose countervailing duty (CVD) on Chinese stainless steel products

Jindal Stainless posts 50% jump in Q1 profit on robust domestic demand

Domestic sales grew 54% year-on-year owing to the pre-festive season demand, which picked up in consumer segments, the company said in a statement

Jindal Stainless to raise upto Rs 5,000 cr through multiple instruments

Jindal Stainless Ltd (JSL) on Wednesday said its board has approved a proposal to raise up to Rs 5,000 crore through multiple financial instruments. The board of directors of the company at its meeting on Wednesday approved raising funds up to Rs 5,000 crore or equivalent in any freely convertible foreign currency, an exchange filing by the company said. The company looks to raise the amount by issue of debt securities including secured or unsecured non-convertible redeemable debentures or bonds or commercial paper or notes (listed/unlisted) or any combination thereof, through private placement basis or otherwise, in one or more tranches or any other method in the domestic/international market. The board has authorized its sub-committee to determine and finalize the form, denomination, manner, terms and conditions of raising the aforesaid funds, which will be informed to the stock exchanges in due course of time. The funds so generated will be used to refinance/redeem/repay existin

NCLAT drops Jindal Stainless plea over Mittal Corp, asks to approach NCLT

Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed the lenders of Mittal Corp were "empowered to issue fresh RFRP" when none of the resolution plans had been approved by the committee of creditors (CoC). The lenders have already approved the bids of rival Shyam Sel and Power Ltd (SSPL) and an application has already been moved by the Resolution Professional (RP) before the Mumbai bench of the National Company Law Tribunal (NCLT) seeking its approval. NCLAT said issues raised by Jindal Stainless subsequent to February 10, 2023, when RFRP was issued, need no consideration. The tribunal further added it is open for Jindal Stainless to file an objection over the application filed by the RP before NCLT for approval of SSPL bid. The appellate tribunal said that its previous order of Janua