Page 4 - Jindal Steel

Jindal Steel net profit falls 20% YoY to Rs 716 crore in Jan-Mar quarter

Jindal Stainless Ltd (JSL) on Wednesday posted a nearly 20 per cent decline in consolidated net profit to Rs 716.29 crore for the March quarter due to higher expenses. The company had clocked a net profit of Rs 894.93 crore during the January-March quarter of FY2021-22, JSL said in a regulatory filing. The company's total income during the fourth quarter fell to Rs 9,803.01 crore from Rs 9,752.11 crore in the year-ago period. Total expenses rose to Rs 8,885.45 crore as against Rs 8,579.12 crore. The company's board has approved a dividend of Rs 1.50 per equity share of face value Rs 2 each for the financial year ended March 31, 2023. With revocation of export duty, the company ramped up export sales in Q4 FY23 and consequently delivered the highest-ever quarterly sales volume of 5,07,632 tonne, JSL said in a statement. Net debt in 2022-23 stood at Rs 2,591 crore. "With the completion of the merger of JSHL into JSL, capacity expansion and diversification acquisition, the last fin

Jindal Steel's Q4 profit down 70% as prices fall, cost of raw material rise

Jindal Steel and Power Ltd reported a 69.5% fall in quarterly profit on Tuesday, hurt by lower steel prices and higher costs of raw materials like iron.

Jindal Steel and Power Q4 results: PAT falls 69.4% to Rs 466 crore

The company's consolidated gross revenue down by 1.9 per cent to Rs 15,781 crore for the March quarter as compared to Rs 16,089 crore in the year-ago period

Punjab has emerged as most preferred industrial destination: Bhagwant Mann

Punjab chief minister Bhagwant Mann on Tuesday claimed that the state has emerged as the most preferred industrial destination in the country and is witnessing comprehensive development in every sphere. Addressing a gathering after dedicating a plant of steel coating products here, the chief minister said the plant has been set up at a cost of Rs 247 crore and it will provide employment to 600 youth. This is a zero liquid discharge plant which will neither pollute water nor air, said an official release quoting Mann. Due to the industry-friendly policy of the state government, Punjab has emerged as the most favourable investment destination across the country, said Mann. The CM said a strong association between the state government and industrialists has made Punjab an industrial hub in the country. His government's vision and ambition is to keep pace with changing expectations and new challenges, said Mann. He said his government has introduced several policies and initiatives t

Metal shares gain in subdued market; Jindal Steel, Tata Steel soar up to 4%

Thus far in the month of April, Jindal Steel has rallied 8 per cent, as against 1.6 per cent rise in the Nifty 50 and 5.7 per cent gain in the Nifty Metal index.

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

NGT directs Jindal Steel to pay Rs 20 lakh to kin of 2020 blast victims

The National Green Tribunal (NGT) has directed Jindal Steel and Power Limited (JSPL) to pay a compensation of Rs 20 lakh each to the heirs of two workers who died due to a blast on its premises in Patralapli village in Chhattisgarh's Raigarh district on June 10, 2020. The tribunal has also directed JSPL to pay a compensation of Rs 5 lakh each to two workers who suffered burn injuries in the incident and observed that the company did not show the "concern" that was expected from a responsible business entity. The NGT had initiated suo-motu proceedings in the matter on the basis of a media report. According to police, the blast had occurred when the workers were cutting an old diesel tank with a gas cutter at a scrap yard. "The heirs of the deceased will be entitled to an amount of Rs 20 lakh each and the injured will be entitled to Rs 5 lakh each, payable by JSPL within a month. In default of payment, the district magistrate may take coercive measures for recovery, including ...

Siemens, JSL: 9 stocks in Nifty 500 top new highs despite sluggish mood

On Wednesday, shares of Cera Sanitaryware, Jindal Stainless, Siemens, and Triveni Turbine recorded new all-time highs, despite weak market

Jindal Steel Q3 results: Net profit drops 68% as export tax bites

The contribution of Jindal Steel's exports to its sales on a standalone basis fell to 5% in the quarter from 23% a year ago

JSPL acquires Monnet Power for Rs 410 cr through insolvency process

Monnet Power has a 1050 MW under-construction plant in Odisha's Angul

JSW Steel eyes 50 MT capacity by 2030 via greenfield, brownfield options

Jindal's growth plans are in sync with the country's target of doubling crude steel capacity to 300 mt of crude steel capacity in the next 9-10 years

India's bad bank NARCL offers Rs 228 cr for Mittal Corp debt held by PSBs

The NARCL will have the right to match any counteroffers, as the lenders have put the debt on the block

Jindal Stainless Ltd taking measures to reduce carbon emissions: MD

Jindal Stainless Limited (JSL) is taking a host of measures to reduce carbon emissions of its present and planned capacities, which includes setting up renewable energy capacities, Managing Director Abhyuday Jindal said. During FY22, JSL reduced its carbon emissions by 3,100 metric tonnes and initiated a switch from a thermal energy-intensive manufacturing setup to renewable energy alternatives such as solar and wind power, Jindal told PTI during an interaction. "Continuing forward, we are taking proactive steps to decarbonise and reduce carbon emissions of our present and planned capacities. The move is aimed to support the government's mission of carbon-neutrality," he said. In the renewable energy space, JSL is looking for partners to set up 300 MW solar and wind capacities in states like Odisha, Haryana and Rajasthan, Jindal said, adding that the talks with a few players are already underway. The investment will be through joint venture/ventures which will be formed post ...

Neelachal Ispat acquisition crucial for Tata Steel growth path: Official

The company plans to further expand it to 10 million tonnes per annum (MTPA) by around 2030, the official said.

JSPL may produce rail wheelsets; to set up manufacturing unit in Raigarh

The plant will have an initial capacity of producing 25,000 wheelsets per year

Metal stocks slide; Jindal Steel cracks over 17% amid export duties

Metal stocks faced heavy drubbing on Monday, with Jindal Steel & Power cracking over 17 per cent, after the government imposed export duties on steel-making raw materials. Shares of Jindal Steel tumbled 17.40 per cent, JSW Steel tanked 13.20 per cent and Tata Steel plunged 12.53 per cent on the BSE. Also, NMDC declined 12.44 per cent, SAIL (10.96 per cent), Hindalco Industries (3.65 per cent), APL Apollo Tubes (3.42 per cent) and Vedanta (2.77 per cent). The metal index also tanked 8.33 per cent to end at 17,655.22. Tata Steel was the biggest drag in the Sensex pack. "Volatility was hallmark of today's trade. Volatility struck benchmark Nifty as it was aiming to build on to morning gains. Blame it to Nifty metal index which dropped over 8 per cent after government hiked duty on steel products," said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd. The government has waived customs duty on the import of some raw materials, including coking coal and ferronickel, used

MSCI rebalancing could see addition of three Indian stocks, two deletions

Tata Elxsi, Jindal Steel seen as inclusion candidates; move could see a churn of Rs 6,900 crore by funds tracking the index

Govt to finalise Pawan Hans sale Saturday, JSW among bidders: Report

The asset sale plan will help bridge the budget gap and meet spending targets as the economy faces fresh headwinds from the geopolitical tensions

ED raids JSPL offices over suspected violation of forex regulations: Report

NEW DELHI (Reuters) - India's federal financial crime fighting agency raided offices of Jindal Steel & Power Ltd (JSPL) in New Delhi on Thursday over suspected violation of foreign exchange regulations, a source familiar with the matter said.

Steel stocks in focus; SAIL gains 4%, Jindal Steel hits 52-week high

India's top steelmakers have increased rebar and HRC (Hot Rolled Coil) price by around Rs 1,500-Rs 2,000 a tonne due to rising raw material cost, reports suggest