Page 3 - Jindal Stainless Steel

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

Jindal Stainless sees domestic demand; China imports a challenge: Firm's MD

India only country open for China to dump steel imports, says Abhyuday Jindal

Govt planning PLI 2.0 to boost production of specialty steel: Scindia

The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country, Union Minister of Steel Jyortiraditya Scindia said on Friday. The minister was speaking at the PLI Scheme for Specialty Steel MoU signing event in the national capital. It was attended by the companies selected to invest under the Rs 6,322-crore scheme. "Today is an important day in the history and future of the steel industry. PLI 1.0 is not a full stop, it is the beginning of the journey. Our ministry is already looking at PLI 2.0," he informed the participants of the first edition of PLI for specialty steel. The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest. As many as 27 steel companies signed 57 memorandum of agreements (MoUs) with the Ministry of Steel at the event to produce coated/plated steel products, hig

Hybrid energy project likely to start by 2024, says Jindal Stainless MD

The 300 MW hybrid project in partnership with ReNew is expected to commence operation in the next 18 months, Jindal Stainless Managing Director Abhyuday Jindal has said. In December 2022, Jindal Stainless Ltd (JSL) partnered with ReNew to develop the proposed 300 MW hybrid energy project. When asked about the timeline of the project, Jindal told PTI, "We (JSL and ReNew) are on track on the pact. That project is 300 MW. Land acquisition has already been completed for the project". The project will start in the next one and a half years' time, he said. On the company's hydrogen project, the MD said it is expected to start in July this year. In August 2022, the country's largest stainless steel player partnered with Hygenco India Private Limited to set up a green hydrogen plant. "These green initiatives are part of our mission to switch from a thermal energy-intensive manufacturing setup to renewable energy alternatives," he said. The company will continue to take proactive steps t

JSL, JSHL hit new highs ahead of merger; zoom over 100% in 6 months

Jindal Stainless (Hissar) has fixed Thursday, March 9, 2023, as the record date for its merger with Jindal Stainless with a swap ratio of 1: 1.95

Jindal Stainless (Hisar) fixes record date for merger with JSL; stock up 3%

JSHL Board approved merger of the company into Jindal Stainless with a swap ratio of 1: 1.95

Jindal Stainless Q3 profit drops 32% to Rs 298.56 cr due to higher expenses

Jindal Stainless on Monday reported 32.4 per cent drop in consolidated profit at Rs 298.56 crore for the quarter ended December, mainly due to higher expenses. The company had posted a consolidated profit of Rs 441.78 crore in the year-ago period, Jindal Stainless said in a filing to BSE. The consolidated revenue from operations of the company in the October-December increased to Rs 6,349.71 crore over Rs 5,670.02 crore in the year-ago period, the filing said. The consolidated total expenses increased to Rs 5,999.69 crore from Rs 5,059.41 crore. Jindal Stainless Managing Director Abhyuday Jindal said, "Agility and adaptability to changing market conditions lies at the core of sales and operations planning at Jindal Stainless. This strategy continued to serve us well in the last quarter and helped us align our sales mix with the domestic demand." "We also undertook focused measures to fulfil our environmental responsibility, including the commitment to power future growth through .

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

After up to 44% rally, charts hint more upside in these mid, smallcap stks

Among individual stocks, Union Bank of India has soared 44% so far in November. Bank of India, Amara Raja Batteries, Redington and Jindal Stainless have also logged strong gains.

NCLAT allows Jindal Stainless to bid for debt-ridden Rathi Super Steel

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the object was to obtain the maximisation of the assets, hence it "sees no reason to take a different view". "The Adjudicating Authority (NCLT) did not commit any error in taking note of the offer made by Respondent No 1 (JSL) who made an offer of initial Rs 190 crore and revised offer was Rs 201 crore i.e. much higher than the one on which Appellant was declared successful bidder," the NCLAT said. Jindal Stainless Ltd (JSL) submitted its Rs 190 crore bid for Rathi Super Steel after the liquidator forwarded the application before the National Company Law Tribunal (NCLT), seeking closure of the liquidation process and approval of terms and conditions of sale to Rimjhim Ispat and Synergy ...

Jindal Stainless Q2 results: Profit more than halves; revenue up 11.5%

While input costs fell 3% as raw material prices cooled off from their peak, power and fuel costs surged about 35%

Jindal Stainless to supply 3,500 tonnes steel for USBRL tunnel project

Jindal Stainless will supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project coming up in Jammu and Kashmir. In a statement, the company said the project is a 272 km-long railway link between Jammu and Kashmir. This will be the first-ever application of stainless steel cable trays in an Indian railway project, the company said. "USBRL will be a milestone in improving the economic landscape of J&K. We congratulate Railways on executing the engineering marvel by overcoming various topographical challenges, and appreciate its decision to choose stainless steel for developing a sustainable railway infrastructure," JSL Managing Director, Jindal Stainless, Abhyuday Jindal, said. According to the statement, company's arm Jindal Stainless Steelway Ltd will supply "EN 1.4404/316L (dual certification) stainless steel grade in 2B finish" for the project owing to its high corrosion resistance, high strength-to-weight ratio,

Shareholders, creditors approve Jindal Stainless Steel-JSHL merger

Having a total melting capacity of 0.8 million tonne per annum (MTPA), the Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio