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Jindal Stainless' managing director Abhyuday Jindal on Thursday pressed for a duty of up to 25 per cent for imports to protect domestic manufacturers against a possible dumping of goods into the country. US President Donald Trump's decision to impose a 25 per cent import tax on steel and aluminum will be beneficial for the domestic industry, he said, explaining that such a tariff has been slapped on India since Trump's first term and the latest move will create a level playing field. However, the US move may lead to products from across the world reaching India, which continues to be a growing market, he said. "If other markets are all getting closed, then they will come to India because India is growing. There is only a basic 7.5 per cent customs duty which is not enough," Jindal told reporters on the sidelines of an event here. "We need some kind of support from the government, some kind of protection, some support to Indian manufacturers needs to be given," he added. The indust
Stainless steel wires maker Bansal Wire Industries has reported over twofold rise in consolidated profit after tax (PAT) at Rs 41.6 crore, backed by higher revenues. It had posted a Rs 17.2 crore PAT in the year-ago quarter, the company said in a statement on Friday. Revenues rose 52.6 per cent to Rs 924.6 crore from Rs 606 crore in October-December 2023-24. The EBIDTA (earnings before interest, taxes, depreciation, and amortization) rose 99 per cent to Rs 73.1 crore from Rs 35.8 crore a year ago. "During the quarter, we delivered resilient financial performance and strong operational execution, ramping up new lines for value-added products and driving value-driven volume expansion while sustaining momentum through growth initiatives," company's MD & CEO Pranav Bansal said. On the outlook for wire industry, he said challenges like fluctuating raw material prices and geopolitical risks persist and international expansion in the US and Europe offer significant opportunities.
Ramkrishna Forgings on Tuesday said it has secured a USD 220 million (about Rs 1,800 crore) order in North America. "The contract spans over a decade and marks the company's foray into a new vertical within the forging sector, focusing on supplying tier 1 customers in the light vehicle segment across North America," the company said in a statement. The value of the contract is USD 220 million, it said. "We are fully committed to delivering superior quality forgings that drive value and innovation in the North American Light Vehicle segment. With this, the company is poised to further strengthen its foothold in the automotive forging market while continuing to explore avenues for growth and expansion," Lalit Kumar Khetan, Whole Time Director & CFO, Ramkrishna Forgings said. The Kolkata-based company is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel and stainless steel forgings. The company's stock settled at Rs 760.80 on Tuesday, up
Stainless steel flexible hose manufacturer Aeroflex Industries Ltd has filed draft papers with capital markets regulator Sebi to mobilise Rs 350 crore through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities -- Sat Industries and Italica Global FZC, according to the draft red herring prospectus (DRHP). The OFS comprises sale of 1.23 crore shares by Sat Industries Ltd and up to 52 lakh shares by Italica Global FZC. At present, Sat Industries owns 92.18 per cent stake in the company, while Italica Global FZC holds 6.52 per cent stake. Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth. According to merchant banking sour
In its initial findings, the UK's Trade Remedies Authority (TRA) has proposed that a countervailing measure on imports of stainless steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA set out in its Statements of Essential Facts (SEF) on Tuesday that revoking the measure would be unlikely to cause injury to the UK industry. "As part of its transition review, the TRA found that while there have been subsidised imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied," a UK government statement notes. "This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there
Jindal Stainless (Hisar) Limited (JSHL) on Friday said its profit after tax fell 49 per cent year-on-year to Rs 253 crore in the second quarter ended September 30. The company had clocked Rs 498.58 crore profit after tax (PAT) during the same period of 2021-22, JSHL said in a statement. Its total income rose to Rs 3,957 crore from Rs 3,772 crore in the year-ago quarter. "During Q2, raw material prices saw a downward trend, with nickel prices falling by 24 per cent quarter-on-quarter (q-o-q) and those of ferrochrome by 18 per cent q-o-q. This impacted the realisation and profitability of domestic manufacturers, including JSHL," the statement said. JSHL Managing Director Abhyuday Jindal said the Indian stainless steel industry has suffered a setback due to the export duty levied by the government in May. This duty comes at a time when the domestic market is being dumped with substandard stainless steel imports from China and Indonesia. The industry has made several presentations to
Jindal Stainless will supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project coming up in Jammu and Kashmir. In a statement, the company said the project is a 272 km-long railway link between Jammu and Kashmir. This will be the first-ever application of stainless steel cable trays in an Indian railway project, the company said. "USBRL will be a milestone in improving the economic landscape of J&K. We congratulate Railways on executing the engineering marvel by overcoming various topographical challenges, and appreciate its decision to choose stainless steel for developing a sustainable railway infrastructure," JSL Managing Director, Jindal Stainless, Abhyuday Jindal, said. According to the statement, company's arm Jindal Stainless Steelway Ltd will supply "EN 1.4404/316L (dual certification) stainless steel grade in 2B finish" for the project owing to its high corrosion resistance, high strength-to-weight ratio,