Page 3 - Jindal Stainless

Scindia inaugurates Jindal Stainless' first green hydrogen project in India

Union Minister Jyotiraditya M Scindia on Monday inaugurated the country's first green hydrogen project of the stainless steel sector in Hisar, Haryana set up by Jindal Stainless Ltd. The green hydrogen facility, which has been set up by JSL in collaboration with Hygenco, aims to reduce carbon emissions by around 2,700 metric tonnes per annum and 54,000 tonnes of CO2 emission over 20 years. "JSL has been at the forefront of innovation...I commend JSL and Hygenco for the first hydrogen-based steel facility with both rooftop and floating," said Steel and Civil Aviation Minister Scindia while virtually inaugurating the project in presence of Steel Secretary Nagendra Nath Sinha, Jindal Stainless Managing Director Abhyuday Jindal, and other senior officials. The waterbody inside the facility has floating solar panels which will also help in reducing water evaporation, the minister said. In his address, Jindal said green hydrogen is an essential element of stainless steel manufacturing an

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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 Q3 results: Net profit rises 35% to Rs 691 crore

Jindal Stainless Ltd (JSL) on Thursday posted a 35 per cent rise in its consolidated net profit to Rs 691.22 crore during the December quarter, aided by trimmed expenses. Its net profit was at Rs 512.62 crore during the October-December period of the preceding 2022-23 fiscal, the company said in a regulatory filing. The company's total income was also higher at Rs 9,166.42 crore as against Rs 9,101.24 crore in the year-ago quarter. While expenses reduced to Rs 8,262.66 crore during the period under review, from Rs 8,451.20 crore a year ago. The company also announced the elevation of its Whole-time Director Tarun Kumar Khulbe as its CEO with effect from January 1, 2024. The board of the company has also given in-principal approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based out in Spain. The board has delegated its power to the subcommittee of the board for negotiating the purchase price. It also approved to divest up to an entir

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 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

Lenders released 352 million pledged shares, says Jindal Stainless

Jindal Stainless Ltd (JSL) on Friday said lenders have released about 35.2 crore pledged shares, amounting to 42.74 per cent stake in the company. The shares were released during November 21-22, JSL said in a regulatory filing. Following this, there would not be any equity shares pledged with lenders and all equity shares of the company held by promoters and the promoter group will be free from any encumbrances, the company said. The encumbrance was initially created in 2010 for over 6.53 crore shares having a market value of Rs 706 crore. The encumbered shares increased over the years with capital infusion and stood at 36.99 crore shares with a market value of Rs 18,700 crore. Of this, 35.2 crore shares were pledged with lenders, while remaining shares of the promoter were locked in under the regulatory norms. Jindal Stainless is the country's largest stainless steel making company and ranks among top 15 entities in the sector globally.

BHEL felicitates Jindal Stainless for indigenous development of plates

Jindal Stainless on Monday said it has been felicitated by Bharat Heavy Electricals Ltd (BHEL) for indigenously developing plates that were being imported from China, the European Union, and Japan. The company was felicitated at Bharat Mandapam, Pragati Maidan, in the national capital. "The felicitation was received for developing C276 cladded plates, used in thermal power plants, and alloy steel plates SA387 GR 91 (9 Cr 1 Mo), for application in super critical boilers," the company said in a statement. Earlier, C276 cladded plates as well as GR 91 plates were being imported from the European Union, China, and Japan, it added.

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

Jindal Stainless acquires remaining 74% stake in JUSL for Rs 958 cr

Jindal Stainless on Thursday said it has acquired the remaining 74 per cent stake in Odisha-based Jindal United Steel Limited for Rs 958 crore. Jindal United Steel Limited (JUSL) has become a 100 per cent owned subsidiary of JSL, which held 26 per cent stake in it earlier, a company statement said. "JSL has now acquired the remaining 74 per cent equity stake in JUSL for a cash consideration of Rs 958 crore. The transaction makes JUSL a 100 per cent owned subsidiary of JSL," JSL said. JUSL has been operating the hot strip mill (HSM) of 1.6 million tonne per annum (MTPA) capacity and a cold rolling mill of 0.2 MTPA capacity. It is also undergoing capacity expansion of up to 3.2 MTPA at Jajpur, Odisha. JSL Managing Director Abhyuday Jindal said, "Given the strong outlook on stainless steel and the association of JUSL and JSL, the board of directors of JSL decided to consolidate all the critical facilities of stainless steel manufacturing under one umbrella." This acquisition would re

Jindal Stainless ropes in Dassault Systemes to manage operational functions

Jindal Stainless Ltd (JSL) on Thursday said it has roped in Germany-based Dassault Systemes to manage "end-to-end" production and operational functions at its Hisar and Jajpur units. The deal was signed between JSL Managing Director Abhyuday Jindal and Eric Leveugle, Vice President, Worldwide Business Transformation, Dassault Systemes at Dusseldorf in Germany on Thursday, the company said in a statement. "JSL has inked a deal with Dassault Systemes to strengthen its production planning, scheduling and execution processes. Having recently merged and doubled its capacity to 2.9 million tonne per annum (MTPA), this will enable JSL to seamlessly manage end-to-end production and operational functions between Hisar (Haryana) and Jajpur (Odisha)," it said. By adopting an integrated and fully automated approach to operations management, JSL intends to achieve sharper resource utilisation, faster capacity balancing, live data synthesis and accurate predictions, while maintaining high-quality

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Jindal Stainless supplied 300 tn steel for Ambedkar statue in Telangana

Jindal Stainless Ltd on Tuesday said it supplied 300 metric tonnes of stainless steel for 125-ft tall statue of B R Ambedkar in Telangana. On April 14, Telangana Chief Minister K Chandrasekhar Rao unveiled the 125-ft tall statue of Babasaheb in Hyderabad on the occasion of his 132nd birth anniversary. In a statement, the steel maker said it has supplied grade 304 hot-rolled stainless steel (SS) in a thickness range of 12 mm - 32 mm. The SS has been used in the armature structure of the statue. The statue is located on the banks of Hussain Sagar lake, in the vicinity of the newly built Secretariat, which has also been named after B R Ambedkar.

Crisil Ratings upgrades outlook on Jindal Stainless to 'positive'

Jindal Stainless Ltd (JSL) on Thursday said Crisil Ratings has revised its outlook on the stainless steelmaker's long-term bank facilities and debt programme to 'AA' with a positive outlook. The rating agency has revised its outlook in view of the company's improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and acquisitions, JSL said in a statement. "JSL has earned an outlook upgrade of Positive from Stable from the CRISIL Ratings on the long-term bank facilities and debt programme, and a reaffirmed rating at CRISIL AA-. Meanwhile, the rating on the short-term bank facilities has been reaffirmed at CRISIL A1+," it said. Some of the parameters that CRISIL Ratings took note of in order to elevate the outlook include the completion of the merger process of Jindal Stainless Hisar Limited (JSHL) with the company, the healthy financial risk profile of the company led by strong liquidity, its strategic acquisitions, an agile business

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

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Jindal Stainless to invest Rs 1,200 cr in nickel pig iron JV in Indonesia

JSL says it is the first strategic partnership by an Indian company for securing a stake in a nickel reserve abroad

Jindal Stainless to invest Rs 120 cr to set up two rooftop solar projects

Jindal Stainless Ltd (JSL) on Tuesday said it will invest Rs 120 crore to set up rooftop solar capacities at its Jajpur and Hisar facilities. While a project of 21 megawatt peak (MWp) will be set up in Jajpur, another 6 MWp rooftop solar capacity will be installed at company's unit in Hisar, JSL said in a statement. "The two rooftop solar plants will be generating about 795 million units of electricity, with a carbon abatement potential of 5,64,450 tonnes in a span of 25 years," it said. Both the projects are scheduled to be completed by March 2024, the company said, adding that the energy generated will be for captive usage. JSL managing director Abhyuday Jindal said: "This is an important step towards achieving our net zero target. Our commitment is responsible business practices and dedication to reducing carbon footprint. We will continue this practice." The company's Hisar unit has already commissioned rooftop solar projects of 4.1 MWp, which is capable of generating 110.7 ..