Page 12 - Jsw Group

Cost spike weighs on JSW Steel as profits slump 86% in first quarter

Firm scales down capex plans

JSW Energy net profit surges 179% to Rs 560 crore in June quarter

JSW Energy on Thursday said its net profit jumped 179 per cent to Rs 560 crore in the June quarter, mainly on the back of higher revenues. "Profit After Tax (PAT) stood at Rs 560 crore, which was 179 per cent higher YoY (year on year) compared to a PAT of Rs 201 crore in the corresponding period of previous year (April-June 2021)," a company statement said. During the quarter, total revenue increased by 68 per cent YoY to Rs 3,115 crore from Rs 1,860 crore in first quarter of FY22. The increase is primarily attributable to higher contribution from short-term sales, solar capacity addition at Vijayanagar and 45MW uprating at Karcham Wangtoo, it stated. Underlying finance cost during the quarter decreased by 2.5 per cent YoY to Rs 193 crore on the back of 18 bps (basis points) reduction in the weighted average cost of debt partially offset by increase in gross debt, it explained. The consolidated net worth and consolidated net debt as on June 30, 2022 were Rs 16,638 crore and Rs 7,7

JSW Steel undertakes initiatives to reduce carbon footprint: Chairman

JSW Steel is undertaking various initiatives to reduce carbon footprint in line with India's net zero ambitions, its Chairman Sajjan Jindal said on Wednesday. According to the industrialist, his company has already earmarked a sum of Rs 10,000 crore to increase the use of renewable energy to replace thermal power and other green initiatives. "We are undertaking a host of initiatives to reduce our carbon footprint, aligned with India's net zero ambitions and are envisaging an investment of Rs 10,000 crore towards this. One such initiative is to increase the use of renewable power in our operations," Jindal said, addressing the shareholders at the company's 28th Annual General Meeting (AGM). JSW Steel contracted for 1 gigawatt (GW) of renewable energy, of which 225 MW has become operational in April 2022, and the balance will come on stream in phases, he noted. On Monday, the company announced it has partnered with US-based Boston Consulting Group (BCG) to develop strategies to meet

Stocks to watch: TCS, Tata Motors, Mahindra Holidays, D-Mart, Adani Group

Stocks to watch today: IT behemoth TCS net profit grew 5.2 per cent year-on-year (YoY) to Rs 9,478 crore in Q1FY23; Tata Motors hiked prices across passenger vehicle range by 0.55 per cent.

Moody's upgrades JSW Steel's corporate family rating to Ba1 from Ba2

Moody's Investors Service on Monday said it has upgraded the JSW Steel Ltd's Corporate Family Rating (CFR) to Ba1 from Ba2. At the same time, Moody's has changed the ratings outlook on JSW Steel Ltd and Periama Holdings LLC to 'stable' from 'positive'. "The upgrade reflects JSW's continued strong operating performance and consistently strong credit metrics while maintaining good liquidity," Kaustubh Chaubal, a Moody's senior vice president said. Ba1 rating means obligations are judged to have speculative elements and are subject to substantial credit risk. Moody's has also upgraded to Ba1 from Ba2 JSW's senior unsecured notes rating, the guaranteed backed senior unsecured rating on Periama Holdings LLC and the USD 40-million guaranteed senior unsecured revenue bonds issued by Jefferson County Port Authority. In Moody's view, JSW's substantially stronger operating performance will help sustain its deleveraging. The upgrade also reflects the successful commissioning of the company

Rail orders critical for survival of JSW Steel's Italian biz: Company exec

The fate of JSW Steel's businesses in Italy largely depends on contracts from Italian railway authorities, failing which it will look at other alternatives, a top official said. JSW Steel has so far failed to revive the company it acquired in 2018, and rising raw material cost and geo-political issues, including the Russia-Ukraine crisis, has not helped matters either. The losses have reduced. The loss is majorly attributed to rail orders that are not sustainable. We are striving for more rail orders. If those come, it's fine, otherwise some alternatives have to be thought of, JSW Steel Joint MD & Group CFO Seshagiri Rao told PTI. Revenue of the Italian facility in Piombino improved to euro 309 million during 2021-22 from euro 249 million earlier, while the operating loss narrowed to euro 6.4 million in the fiscal under review from euro 22.6 million a year ago. JSW Italy has in the past won rail orders to the tune of around 40,000 metric tonnes from two contracts by Rete ...

JSW Steel earmarks Rs 20,000 cr capex, hopes export duty to be short-lived

JSW Steel has earmarked Rs 20,000 crore capital expenditure in the current fiscal and hoped that headwinds such as export duty on steel and high coal prices are likely to be short-lived

JSW Steel increases quantum of pulverised coal purchased from Russia

JSW Steel has increased the quantum of pulverised coal being purchased from Russia to 10-15 per cent of its requirements in recent times, the company's Deputy Managing Director Vinod Nowal said

JSW starts exclusive talks to buy renewables company Mytrah Energy

Mytrah has built over 1,800 MW of assets spread across 17 wind farms and 21 solar farms in several states

Top headlines: Govt warns cab aggregators, volatility in power stocks

Here are the top business stories on Wednesday

JSW Group's Sajjan Jindal bets $4.5 bn of his wealth on Ambuja Cements

JSW Group Chairman offers $7 billion for cement firm

Sensex sheds 106pts amid volatility; Tata Steel cracks 7%, HUL gains 3%

The BSE Midcap and Smallcap indices ended with heavy losses of over 2 per cent each. Debutant Rainbow Children's Medicare ended a steep discount of 17 per cent to its issue price.

Top headlines: JSW Group's $7 bn bid, taxing digital companies, and more

Here are the top headlines on Tuesday

JSW Group to make $7 bn bid for Holcim's India cement business: Report

The move comes as Switzerland's Holcim tries to diversify away from its core business of cement and aggregates to focus more on building technology amid increased emphasis on sustainability

US Fed rate hike raises cost of funds for Ambuja Cements bidders

The acquisition is expected to cost around $10 billion (Rs 76,000 crore), including the open offers for the shareholders of both Ambuja Cements and ACC

JSW Energy profit jumps eight-fold to Rs 864 cr in March quarter

JSW Energy on Tuesday posted an over eight-fold jump in consolidated net profit to an all-time high of Rs 864 crore in the quarter ended March, mainly on the back of higher revenues.

Adani, JSW groups submit non-binding bids to acquire Ambuja Cements

Holcim intends to close the transaction early

Apollo Global Management may lend $1 bn to JSW for Ambuja Cements buy

The group is in talks with several sovereign funds based in west Asia to acquire Ambuja Cements

Adani Group in advanced talks to acquire Holcim businesses in India

Adani Group could sign an agreement to acquire a controlling stake in Ambuja Cements Ltd. from Holcim as soon as in the coming days

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