Jindal Stainless

Jindal Stainless Q2 results: Net profit down 21% at Rs 611.31 crore

The share of exports was 10 per cent of total sales in Q2 FY25 compared to 13 per cent in Q2 FY24. Overall, exports in H1 FY24 had stood at 15 per cent

Jindal Stainless to manufacture high-end stainless steel for BrahMos

Jindal Stainless on Monday said it will manufacture customised stainless steel and speciality low-alloy steel sheets for defence projects of BrahMos Aerospace. The company will also supply steel plates from its Hisar plant in Haryana, it said in a statement. Jindal Stainless has been accredited by BrahMos Aerospace Pvt Ltd as a qualified vendor for the manufacturing and supply of steel sheets and plates, it added. JSL MD Abhyuday Jindal said, "We envision an India that is completely Atmanirbhar in its defence requirement. In line with this vision, we are enhancing our capabilities to meet and exceed the stringent conditions for such critical applications. Contributing to the strengthening of our country's defence standing is a matter of passion and pride for us". Previously, Jindal Stainless has supplied materials for key projects under the DRDO and Isro, including India's lunar mission Chandrayaan, PSLV, GSLV Mk3, nuclear submarine missile system, missile canisters for various ...

Jindal Stainless Q1FY25 results: Net profit down 13.11% to Rs 648.06 crore

In a statement, Jindal Stainless managing director Abhyuday Jindal said that it was an enabling resolution to "prepare for, among other things, organic and inorganic growth opportunities"

Budget 2024: Jindal Stainless seeks zero customs duty on ferro nickel

Jindal Stainless has urged the government to remove the customs duty on ferro nickel and molybdenum in the upcoming Budget to ensure the industry's access to these critical raw materials at competitive prices. The present customs duty on ferro nickel is 2.5 per cent, while in the case of ferro molybdenum, it is 5 per cent. "We propose a long-term waiver of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to these essential raw materials at competitive prices," Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said. Jindal, on behalf of the stainless steel industry, urged the government to continue its support towards making the "Make in India" initiative competitive with incentives for innovation and sustainable practices. Reducing import duties on raw materials and offering tax benefits for research and development would greatly benefit the sector, he said. Finance Minister Nirmala Sitharaman will table the full budget for FY25 in

Jindal Stainless buys remaining 46% stake in Chromeni Steels for Rs 278 cr

Jindal Stainless on Monday said it has acquired the remaining 46 per cent stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore. Consequently, CSPL has become a wholly-owned subsidiary of the company, with effect from June 15, 2024, Jindal Stainless Ltd (JSL) said in a release. "Jindal Stainless acquires remaining 46 per cent equity stake in Chromeni Steels Private Ltd. The transaction entails a total outlay of Rs 278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it said. Jindal Stainless earlier acquired a 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore. The overall acquisition of CPSL costs around Rs 1,618 crore to JSL. JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100 per cent equity stake in Chromeni will help us climb the value chain. Since we expect the facility to be operational soon, this strategic move will enable the company to capitalise on the robust domestic demand, which

Jindal Stainless Q4 results: Net profit declines 30% to Rs 500 crore

Jindal Stainless on Wednesday reported a 30 per cent fall in consolidated net profit to Rs 500.65 crore for the March quarter on account of lower income. It had clocked Rs 716.29 crore net profit during the fourth quarter of FY23, the company said in an exchange filing. The company's total income also decreased to Rs 9,509 crore from Rs 9,803.01 crore in January-March FY23. During the period under review, its expenses stood at Rs 8,805.55 crore against Rs 8,885.45 crore a year ago. The board of the company also recommended a final dividend of Rs 2 per equity share for the financial year ended March 31, 2024. Jindal Stainless is the country's largest stainless steel making company.

Q4 FY24 results: RVNL, MOIL, Biocon among 84 firms to post earnings today

Q4 FY24 company results: Dixon Technologies, Jindal Stainless, Power Finance Corporation, Thomas Cook will also release their financial results

Jindal Stainless to invest Rs 5,400 crore to expand capacity, says MD

Jindal Stainless Ltd (JSL) will invest Rs 5,400 crore to expand capacity to 4.2 million tonne per annum, the company's Managing Director Abhyuday Jindal said on Wednesday. The investments will be made during the next two years, Jindal said, while addressing a press conference. Around 90 per cent of the investments will be made through internal accruals, he said. Sharing the break-up of the investment plan, Jindal said, "This will increase the company's melting capacity by over 40 per cent to 4.2 MTPA at an investment of more than Rs 700 crore." Second, the company has also set aside around Rs 1,900 crore for the expansion of its downstream lines at its plant in Jajpur, Odisha. Besides, the company earmarked nearly Rs 1,450 crore towards the associated upgrade of infrastructural facilities, such as railway siding, sustainability-related projects, and renewable energy generation. Third, the company will acquire a 54 per cent equity stake in Chromeni Steels Pvt Ltd (CSPL), which own

Jindal Stainless to divest entire 26 pc stake in Jindal Coke by September

Jindal Stainless on Wednesday said it aims to complete divestment of its entire 26 per cent stake in Jindal Coke by September this year. In the first tranche, the company has offloaded 4.87 per cent shares in Jindal Coke for over Rs 36.49 crore. These shares were picked up by JSL Overseas at the same price, according to a regulatory filing. At the same time, Jindal Stainless has acquired a majority stake in Spanish entity lberjindal. In January, the board of the company gave in-principle approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based in Spain, and divest 26 per cent equity stake held in its associate company Jindal Coke Ltd (JCL). Jindal Stainless Ltd (JSL) executed a share purchase agreement with JSL Overseas Ltd (JOL) on March 26, 2024, for the sale of a 4.87 per cent equity stake in JCL, the company said in the filing. "The company has transferred 15,80,000...equity shares of the face value of Rs 10 each at a price of Rs

Scindia inaugurates Jindal Stainless' first green hydrogen project in India

Union Minister Jyotiraditya M Scindia on Monday inaugurated the country's first green hydrogen project of the stainless steel sector in Hisar, Haryana set up by Jindal Stainless Ltd. The green hydrogen facility, which has been set up by JSL in collaboration with Hygenco, aims to reduce carbon emissions by around 2,700 metric tonnes per annum and 54,000 tonnes of CO2 emission over 20 years. "JSL has been at the forefront of innovation...I commend JSL and Hygenco for the first hydrogen-based steel facility with both rooftop and floating," said Steel and Civil Aviation Minister Scindia while virtually inaugurating the project in presence of Steel Secretary Nagendra Nath Sinha, Jindal Stainless Managing Director Abhyuday Jindal, and other senior officials. The waterbody inside the facility has floating solar panels which will also help in reducing water evaporation, the minister said. In his address, Jindal said green hydrogen is an essential element of stainless steel manufacturing an

MSCI's finest hour: PSU quartet ready to conquer the global stage

Meanwhile, Zomato, Coal India, and HDFC Asset Management Company are likely to experience an increase in their weighting due to a rise in their free-float market capitalisation

Jindal Stainless elevates Whole Time Director Tarun Khulbe as CEO

Jindal Stainless Ltd on Monday said it has elevated Whole Time Director Tarun Khulbe as Chief Executive Officer (CEO). A decision in this regard was taken at the company's board meeting last week, Jindal Stainless Ltd (JSL) said in a regulatory filing. "The board has approved the elevation of Tarun Khulbe as the Chief Executive Officer & Whole Time Director," it said. He has been serving as the Whole Time Director of the company since May 2018. He will continue to hold the post besides that of the CEO, the company said. Khulbe has around 35 years of industry experience in business development, supply chain management, people practices and IT enablement. "His experience in crafting long-term business strategies and strengthening all facets of operations and sales has been commendable. At a time when the company is expanding and maturing its upstream and downstream linkages, having Khulbe at the helm of affairs is critical to our growth plans," JSL Managing Director Abhyuday Jindal

Jindal Stainless MD calls for removal of raw material duties in Budget 2024

Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam. "One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum," Jindal told PTI. At present, 2.5 per cent import duty is levied on ferro nickel and 5 per cent on ferro molybdenum. Speaking further on Budget expectations, the JSL MD said severe dumping is happening from China, Vietnam, and certain countries with which India has Free Trade Agreements (FTAs). This is putting severe pressure on MSMEs and preventing the stainless steel indu

Jindal Stainless Q3 results: Net profit rises 39% to Rs 692.33 crore

Revenue from operations at Rs 9,127.45 in Q3FY24 crore was higher from Rs 9,062.50 crore in the same period last year

Jindal Stainless Q3 results: Net profit rises 35% to Rs 691 crore

Jindal Stainless Ltd (JSL) on Thursday posted a 35 per cent rise in its consolidated net profit to Rs 691.22 crore during the December quarter, aided by trimmed expenses. Its net profit was at Rs 512.62 crore during the October-December period of the preceding 2022-23 fiscal, the company said in a regulatory filing. The company's total income was also higher at Rs 9,166.42 crore as against Rs 9,101.24 crore in the year-ago quarter. While expenses reduced to Rs 8,262.66 crore during the period under review, from Rs 8,451.20 crore a year ago. The company also announced the elevation of its Whole-time Director Tarun Kumar Khulbe as its CEO with effect from January 1, 2024. The board of the company has also given in-principal approval for the acquisition of up to 100 per cent stake in Iberjindal S.L., a subsidiary company based out in Spain. The board has delegated its power to the subcommittee of the board for negotiating the purchase price. It also approved to divest up to an entir

Jindal Stainless seeks zero customs duty on ferro nickel, ferro molybdenum

Jindal Stainless on Friday said it has sought continuation of zero customs duty on stainless steel scrap, steel scrap and pure nickel. "As we approach the Union Budget for 2024-25, we request continued support from the Ministry of Steel. In particular, we propose a long-term exemption of basic customs duty on ferro nickel and ferro molybdenum to ensure the industry's access to this important raw material at competitive rates. Additionally, we advocate for the continuation of zero customs duty on stainless steel scrap and steel scrap, besides pure nickel," Jindal Stainless Managing Director Abhyuday Jindal said in a statement. The present customs duty on ferro nickel is 2.5 per cent while in the case of ferro molybdenum it is 5 per cent. According to the statement, Jindal Stainless is confident that these proposals will help the stainless steel industry thrive. "We also request continuing export duty of 30 per cent on exports of chrome ore from the country. The issue of dumping and

Jindal Stainless aims to cut emissions by 50% 'way ahead' of 2035 target

India's largest stainless steel company will invest Rs 700 cr in projects to cut emissions

Lenders released 352 million pledged shares, says Jindal Stainless

Jindal Stainless Ltd (JSL) on Friday said lenders have released about 35.2 crore pledged shares, amounting to 42.74 per cent stake in the company. The shares were released during November 21-22, JSL said in a regulatory filing. Following this, there would not be any equity shares pledged with lenders and all equity shares of the company held by promoters and the promoter group will be free from any encumbrances, the company said. The encumbrance was initially created in 2010 for over 6.53 crore shares having a market value of Rs 706 crore. The encumbered shares increased over the years with capital infusion and stood at 36.99 crore shares with a market value of Rs 18,700 crore. Of this, 35.2 crore shares were pledged with lenders, while remaining shares of the promoter were locked in under the regulatory norms. Jindal Stainless is the country's largest stainless steel making company and ranks among top 15 entities in the sector globally.

BHEL felicitates Jindal Stainless for indigenous development of plates

Jindal Stainless on Monday said it has been felicitated by Bharat Heavy Electricals Ltd (BHEL) for indigenously developing plates that were being imported from China, the European Union, and Japan. The company was felicitated at Bharat Mandapam, Pragati Maidan, in the national capital. "The felicitation was received for developing C276 cladded plates, used in thermal power plants, and alloy steel plates SA387 GR 91 (9 Cr 1 Mo), for application in super critical boilers," the company said in a statement. Earlier, C276 cladded plates as well as GR 91 plates were being imported from the European Union, China, and Japan, it added.

Jindal Stainless pitches for imposition of CVD on stainless steel imports

Consolidated revenue was at Rs 10,183.96 crore, higher by 25.44 per cent as sales volume increased