JSPL

Nomura reckons JSW Steel's and JSPL's mid-cycle earnings have structurally improved due to stronger domestic demand, cost saving measures, and improved efficiency

The surge came after the company announced a strong set of quarter-ending March of financial year 2024 (Q4FY24) results

Steel maker Jindal Steel and Power Ltd (JSPL) on Wednesday posted close to a four-fold jump in consolidated profit to Rs 1,923 crore in the December quarter, aided by reduced expenses. It had clocked a "total profit" of Rs 518.27 crore in the year-ago period, the company said in an exchange filing. The company's total income fell to Rs 11,736.40 crore from Rs 12,469.50 crore in the year-ago quarter. JSPL trimmed expenses to Rs 9,809.57 crore from Rs 11,028.27 crore in the October-December period of the last fiscal. In a statement, JSPL Chairman Naveen Jindal said, "We achieved several important milestones during the quarter, which includes commissioning of the Utkal C thermal coal mines, state-of-the-art hot strip mill and International EPD certifications for Hot Rolled plates/coils and structural steel." "This demonstrates both our commitment and capability to execute the capex plan which will surely make us one of the most cost efficient and eco-friendly steel companies in India

Jindal Steel Power Ltd on Saturday said its partnership with Rashtriya Ispat Nigam Ltd will ensure the supply of liquid steel to its upcoming hot strip mill at Angul in Odisha. In a statement, JSPL said it has entered into a memorandum of understanding (MoU) with RINL for the operationalisation of the latter's blast furnace-3 (BF-3). "The tie-up with RINL will release additional liquid steel for slab casting and onward rolling into hot rolled coils from JSPL's upcoming state-of-the-art hot strip mill at Angul which is slated for commissioning soon," it said. The blast furnace BF-3 at the RINL plant in Visakhapatnam has been closed since January 2021. The restart of the BF-3 is planned for December 30, 2023, at a capacity of 2 lakh tonnes of hot metal per month. "We extend wishes to the management and employees of RINL for embarking on this partnership," JSPL Managing Director (MD) Bimlendra Jha said. On Friday, RINL said JSPL will provide working capital support or raw material su

The Rashtriya Ispat Nigam Ltd, known as Vizag steel plant, has forged a deal with Jindal Steel and Power Ltd to get an infusion of working capital up to Rs 900 crore in a bid to propel sales revenue, monthly turnover and slash losses. The timely deal enables the steel plant to procure raw material and start consistent Blast Furnace-3 (BF-3) operations with the planned blowing-in scheduled on December 30 at a capacity of two lakh tonnes of hot metal per month, an official said here on Thursday. "The arrangement with JSPL will ensure availability of about Rs 800 -900 crore for RINL in the form of working capital advance and raw materials required for consistent operation of BF - 3, against which RINL will be supplying about 90,000 tonnes of cast blooms every month from Steel Melting Shop-2 (SMS-2) of RINL," said Vizag Steel Plant's chairman and managing director (CMD) Atul Bhatt in a meeting with the trade unions. According to Bhatt, the arrangement with the New Delhi-headquartered JS

Private steel player Jindal Steel and Power Ltd (JSPL) on Friday posted a 13 per cent decline in consolidated net profit to Rs 1,692 crore for the June quarter due to higher expenses. It had clocked a net profit of Rs 1,990 crore in the April-June period a year ago, the company said in a regulatory filing. The company's total income was at Rs 12,643 crore in the first quarter of the current fiscal compared to Rs 13,069 crore in the year-ago period. Its total expenses rose to Rs 10,876 crore from Rs 10,566 crore. "We have achieved a significant milestone of successfully commissioning our state-of-the-art pellet plant at Angul (Odisha). "We have also signed mining lease for two thermal coal mines -- Gare Palma IV/6 and Utkal C -- which will lead to consistent availability of coal for our thermal coal requirements in DRI (Directly Reduced Iron) kilns, coal gasification and power plants at lower costs," JSPL Managing Director Bimlendra Jha said in a statement. During the quarter, the

Analysts expect JSPL to report an Ebitda of Rs 11,687 crore in the financial year 2024

Stock valuations could improve dramatically if demand rebounds and the China policy support comes through

The government on Tuesday said that 59 companies, including JSPL, NTPC and Vedanta, have submitted bids for 36 coal blocks that were put up for sale under the commercial mines auction. A total of 96 bids were submitted for the coal blocks. "A total of 96 bids were received under two tranches of commercial coal mine auctions," the coal ministry said in a statement. This is the highest ever bids received since the launch of commercial coal mines auction in the year 2020, the ministry said, adding, a "total of six public sector companies had submitted the bids in the ongoing round of commercial coal mines' auction as well". "Under sixth tranche of auctions, a total of 86 bids both online and offline were received against 32 coal mines and three bids were received only offline but not online, and two or more bids have been received for 25 coal mines i.e. 79 bids (both online and offline) against 25 coal mines, and 7 coal mines have received single bids (both online and offline)," the

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

Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha. "We will invest fresh investment of up to Rs 1,500 crore to make the plant operational. The amount will be invested over the period of the next 12-18 months," Jha told PTI. Once completed, the new asset will provide power to JSPL's steel plant in Angul, which is in expansion mode, he said. The coal for Monnet Power will be sourced from the Uktal B1 and B2 mines of JSPL. Last year, JSPL won the two coal blocks with approximately 347 million tonnes of reserves near Angul in an e-auction process. Part of OP

Jindal Steel and Power Limited (JSPL) will spend Rs 7,930 crore under the PLI scheme for specialty steel to manufacture eight types of high-end alloy in the country, its Managing Director Bimlendra Jha said. JSPL is one of the qualifiers of the government's production linked incentive (PLI) scheme which aims to increase the output of value-added steel using new age technologies in the domestic steel sector. On December 9, the government announced the selection of 67 entries with an investment potential of Rs 42,500 crore under the scheme. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. When asked about the share of JSPL in the said investment amount, Jha replied, "Our commitment to the PLI scheme (for specialty steel) will be around Rs 7,930 crore." JSPL through subsidiary company Jindal Steel Odisha has submitted the highest number of entries to manufacture eight types of specialty st

State-owned companies marked out for divestment are attractive assets, he says in interview

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

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GABORONE (Reuters) - Botswana has picked India's Jindal Steel & Power Ltd as the preferred bidder in a tender to build a 300 megawatt (MW) coal-fired power plant, a notice from its energy ministry showed on Monday.

Stocks to watch today: Adani Green, Zomato, Eicher Motors will report the July-September (Q2FY23) results on Thursday, November 10; Bharat Forge's subsidiary bagged export order worth $155.5 million

The government has received around 75 applications from domestic players under the PLI Scheme for specialty steel, according to an official. Applicants include all major steel players like Tata Steel, JSW Steel, JSPL, AMNS India and SAIL, a senior steel ministry official said. "A significant number of applications have been received. There around 75 applications," the official said. However, no proposal has been received from any foreign entity, according to the official. After shortlisting the proposals, the government will come out with a final list which would take around 35-40 days, the official said. The government had set the final deadline on September 15 after several extensions for receiving proposals from manufacturers for benefits under the PLI (Production-Linked Incentive) scheme for speciality steel. The Union Cabinet in July last year approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India. The move is expected to attract an additi

Captive coal availability and zero-debt target by the end of the year are positives

During the quarter under review, its total income rose to Rs 13,069.17 crore from Rs 10,643.17 crore a year ago