Page 4 - Jindal Steel

Jindal Steel Q2 results: PAT surges more than six-fold to Rs 1,390 crore

The company's costs fell 13%, helped by a drop in costs of iron ore and metallurgical coal, the two main raw materials used in making steel

Jindal Steel posts drop in Q1 profit on higher expenses, fall in prices

However, the export duty resulted in a 55% fall in India's steel exports in fiscal 2023, the company said

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

Reliance Retail among three prospective buyers for Future Enterprises

Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list. The deadline for submission of resolution plans by PRAs is August 24, 2023. CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors. Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP. FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, ...

Jindal Steel, PNB to migrate to MF large-cap basket: Analyst report

MF industry's stock reclassification to also see entry of Canara Bank and IDBI Bank into largecap space

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