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New Delhi, <keyword id="45609" type="General" weightage="20" keywordseo="JSW-Steel" source="Orion">JSW Steel</keyword> on Friday posted about three-fold jump in net profit at Rs 2,428 crore for June quarter 2023-24 on account of higher income. It had posted Rs 839 crore net profit in the corresponding period of 2022-23, JSW Steel said in a regulatory filing. Total income also rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, it said. Expenses were at Rs 39,030 crore as against Rs 36,977 crore earlier. JSW Steel is the flagship business of diversified JSW Group, which has presence in sectors such as energy, infrastructure, cement, paints, sports, and venture capital. The company's board at its meeting held on Friday appointed Swayam Saurabh as Chief Financial Officer designate, it said.

JSW Steel Q1 2023-24 profit nearly triples to Rs 2,428 cr

<keyword id="45609" type="DOMAIN" weightage="20" keywordseo="jsw-steel" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="jsw steel" meta.entityname="JSW Steel Ltd." meta.entityid="8352" meta.seoname="jsw-steel-ltd">JSW Steel</keyword> on Tuesday said its subsidiary, <keyword id="1708324" type="General" weightage="50" keywordseo="jsw-steel-coated-products" source="Orion">JSW Steel Coated Products</keyword>, has entered into an agreement to acquire 31 per cent stake in startup <keyword id="16229994" type="General" weightage="80" keywordseo="ayena" source="Orion">Ayena</keyword> Innovation in home furnishings and decor space for a cash consideration of Rs 5.99 crore. According to the statement released on Tuesday, this proposed investment is in line with endeavours of JSW Steel Coated Products Limited to explore new avenues to increase the consumption of coated steel products. The statement of the company also added this investment will enable JSWSCPL to further diversify its customer portfolio mix and enhancing its presence in the retail business. JSW Steel said the company through its wholly-owned subsidiary, JSWSCPL, proposes to acquire 31 per cent equity shareholding in Ayena. The company said in the statement shared with stock exchanges on Tuesday that the indicative time-period for the completion of the acquisition was 45 days from the execution date of the agreements. JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the <keyword id="144036" type="General" weightage="50" keywordseo="jsw-group" source="Orion">JSW Group</keyword>. After the merger of <keyword id="13989344" type="DOMAIN" weightage="20" keywordseo="ispat" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ispat" meta.entityname="Heera Ispat Ltd." meta.entityid="3987" meta.seoname="heera-ispat-ltd">ISPAT</keyword> Steel and Jindal <keyword id="16229995" type="General" weightage="50" keywordseo="vijayanagar-steel-limited" source="Orion">Vijayanagar Steel Limited</keyword>, JSW Steel became India's second-largest private-sector steel company. Founded in 2013, JSWSCPL claims to be the country's largest manufacturer and exporter of colour-coated steel products, and a wholly owned subsidiary of JSW Steel, according to the company's website. The statement also added that Ayena is a start-up registered by the Department for Promotion of Industry and Internal Trade and will be in the business of development, manufacturing, and sales of quick-to-install modular solutions including modular kitchens. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/maruti-suzukis-q3-net-profit-zooms-133-to-2351-crore-on-lower-input-costs/articleshow/97275909.cms">Maruti Suzuki’s Q3 net profit zooms 133% to ₹2,351 crore on lower input costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-network-can-be-misused-for-drug-trafficking-money-laundering-terror-financing-papers-submitted-at-dgps-meet/articleshow/97278524.cms">5G network can be misused for drug trafficking, money laundering, terror financing: Papers submitted at DGPs' meet</a>

JSW Steel arm enters into deal to buy 31% stake in startup Ayena

New Delhi, Feb 17 () The National Company Law Appellate Tribunal (NCLAT) on Monday gave JSW Steel Ltd immunity from all criminal investigations after its takeover of Bhushan Power &amp; Steel Ltd, whose assets were sought to be attached by the Enforcement Directorate (ED) over alleged bungling by former management. A two-member NCLAT bench headed by Justice S J Mukhopadhaya also declared attachment of assets of insolvent Bhushan Power &amp; Steel Ltd (BPSL) by the ED as "illegal and without jurisdiction". Billionaire Sajjan Jindal-led JSW Steel had moved the appellate tribunal seeking to extinguish all present and future liabilities on account of criminal investigations against Bhushan Power &amp; Steel, contending that an absence of any such protection would jeopardise the feasibility and viability of its resolution plan. JSW Steel had made the highest bid of Rs 19,700 crore for the takeover of BPSL. While the government had in December amended the insolvency law to ring-fence a corporate debtor, after its takeover in a bankruptcy auction, from criminal proceedings arising from offences committed by the previous management, the ED argued that immunity is not retrospective in nature and does not cover companies whose resolution plan was approved prior to the law. The bench rejected ED's contention that recent amendments in the Insolvency &amp; Bankruptcy Code (IBC) by the government by inserting section 32A would not apply to JSW retrospectively and said that the ordinance was clarificatory in nature and it was "ex facie evident" that it must be made "applicable retrospectively". The government had in December amended the IBC and inserted Section 32A, which mandates that once management or control of a debt-ridden company changes after the completion of the corporate insolvency resolution process (CIRP), it would not be liable for any offences committed prior to the commencement of the insolvency resolution process. The ED had contended that the new law came into force on December 28, 2019, and it had attached the property of BPSL on October 10, 2019, which was earlier. "We hold that the assets of the corporate debtor (BSPL) of which JSW Steel Ltd is a 'Successful Resolution Applicant' is immune from attachment by the Directorate of Enforcement," said the NCLAT. The government had unequivocally stated that after the completion of CIRP, there cannot be any threat of criminal proceedings against the Corporate Debtor, or attachment or confiscation of its assets by any investigating agency, after approval of the 'Resolution Plan', the NCLAT observed. "Accordingly, it is clear that subsequent promulgation of the Ordinance is merely a clarification in this respect. Therefore, it is ex facie evident that the Ordinance being clarificatory in nature, must be made applicable retrospectively," said the NCLAT. The NCLAT order came over a batch of petition filed against the order passed the Principal Bench of the National Company Law Tribunal (NCLT) on September 5, 2019 approving billionaire Sajjan Jindal-led JSW Steel for a Rs 19,700-crore takeover of BPSL. However, the NCLT had not granted it certain reliefs to JSW related to proceedings against the erstwhile management of BPSL and it was challenged before the NCLAT. Besides, Sanjay Singha former promoter group and some creditors along with the state of Odisha had also approached the appellate tribunal. Allowing, JSW's plea, the NCLAT vacated its stay over the acquisition of BPSL by JSW Steel and upheld the order passed by NCLT with modifications as suggested by it. "The impugned Judgment dated September 5, 2019 passed by the NCLT approving the plan submitted by JSW Steel is approved with aforesaid modification/ clarification as made above. The order of stay of implementation of the plan stands vacated," said the NCLAT while allowing the appeal filed by JSW Steel. Moreover, over the profits earned by BPSL during the insolvency (CIRP EBITDA), the NCLAT said that it should be given to JSW Steel. "We hold that the distribution on the profit made during the 'Corporate Insolvency Resolution Process' should be made in terms of an addendum to the RFP," it added. It also rejected ED submissions that JSW steel is a connected party with the erstwhile Promoter of BPSL as they are shareholders holding 24.09 and 49 per cent equity respectively in a Joint venture company namely Rohne Coal Company and hence "The Directorate of Enforcement (ED) has not been empowered under IBC to decide the question," said the NCLAT adding that JSW Steel has already shared this information in its resolution plan. "Even if the stand taken by the ED is accepted that JSW Steel is a related party of BPSL, the ED cannot decide whether JSW Steel is ineligible under Section 29A or Section 32A (1) (a) which can be determined by the 'Committee of Creditors'/ Adjudicating Authority," it added. The NCLAT also rejected the plea by Sanjay Singhal, which has contended that JSW steel was barred from section 29A and is ineligible to file any resolution plan as it is an associate company, a JV partner and a related party of BPSL. Rejecting it, the NCLAT said, "We find no merit in this appeal. The appeal preferred by Sanjay Singal is dismissed." In its 103-page-long judgment, the NCLAT observed that section 238 of the IBC mandates that insolvency has an overriding effect over anything inconsistent there within any other law. The NCLAT said the ED "failed to show that the Appellant (JSW Steel) does not meet the criteria under Section 32A (1) (b) of the I&amp;B Code". The tribunal also observed that other investigative agencies as the Central Bureau of Investigation and Serious Fraud Investigation Office has not alleged any act of money laundering or other acts against JSW Steel or its management. Bhushan Steel and Power Ltd was dragged to insolvency by lenders led by PNB after the company failed to pay loans within the stipulated time-frame. It had 47,158 crore of admitted claims. BPSL was in the first list of 12 companies by the RBI, against whom the banking regulator had directed banks to file insolvency in the NCLT. It was auctioned to recover Rs 47,158 overdue loans. KRH ANZ MKJ

Bhushan Power & Steel takover: NCLAT gives JSW Steel immunity from criminal investigations

New Delhi, <keyword id="19971670" type="General" weightage="20" keywordseo="JSW-Steel" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Steel" meta.hostid="261" meta.entityid="JSW Steel">JSW Steel</keyword> has posted a 65 per cent fall in consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> at Rs 1,322 crore for the March 2024 quarter impacted by <keyword id="21700627" type="General" weightage="20" keywordseo="raw-materials-costs" source="keywords">raw materials costs</keyword> and some other expenses. It had clocked Rs 3,741 crore net profit during the fourth quarter of the last fiscal, the company said in an exchange filing on Friday. The company's total income also fell to Rs 46,511.28 crore from Rs 47,427 crore in January-March FY23. During the period under review, its expenses stood at Rs 44,401 crore, as against Rs 43,170 crore a year ago. Among the expenses, the cost of raw materials consumed by the company surged to Rs 24,541 crore from 23,905 crore in the January-March FY23. While "other expenses" increased to Rs 7,197 crore from Rs 6,653 crore in the year-ago period. In FY24, the net profit rose to Rs 8,973 crore from Rs 4139 crore in FY23. The income for the full year stood at Rs 1,76,010 crore, up from Rs 1,66,990 crore. The board of directors of the company announced a final dividend of Rs 7.30 for FY24. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/india/news/average-housing-prices-up-10-in-jan-mar-across-the-top-eight-cities/articleshow/110181627.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/average-housing-prices-up-10-in-jan-mar-across-the-top-eight-cities/articleshow/110181627.cms" target="_blank">Average housing prices up 10% in Jan-Mar across the top eight cities</a><a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-fusion-with-144hz-poled-display-500mah-battery-launched-starting-at-22999/articleshow/110170762.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-fusion-with-144hz-poled-display-500mah-battery-launched-starting-at-22999/articleshow/110170762.cms" target="_blank">Motorola Edge 50 Fusion with 144Hz pOLED display, 5,00mAh battery launched starting at ₹22,999</a>

JSW Steel Q4 net profit falls 65% to ₹1,322 crore

<keyword id="45609" type="General" weightage="100" keywordseo="jsw-steel" source="Orion">JSW Steel</keyword> on Friday posted a sharp 85.50 per cent fall in its December quarter consolidated net profit to ₹474 crore mainly on account of higher expenses. The firm had clocked a net profit of ₹4,516 crore in the year-ago period, it said in a regulatory filing. Total income during the October-December quarter of the ongoing fiscal rose to ₹39,322 crore from ₹38,225 crore a year ago. Expenses were also higher at ₹38,288 crore as against ₹31,986 crore. Part of the <keyword id="351399" type="General" weightage="50" keywordseo="o-p-jindal-group" source="Orion">O P Jindal Group</keyword>, <keyword id="144036" type="General" weightage="50" keywordseo="jsw-group" source="Orion">JSW group</keyword> has a presence in sectors such as steel, energy, infrastructure, cement and sports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/how-to-use-drag-and-drop-photos-and-search-by-date-on-whatsapp/articleshow/97168020.cms">WhatsApp rolls out drag and drop and search by date feature to its iOS app — Here's how to use it</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/swiggy-co-founder-says-over-hiring-a-mistake-as-he-fires-380-employees/articleshow/97171514.cms">Swiggy co-founder says over-hiring a mistake as he fires 380 employees</a>

JSW Steel Q3 net profit falls over 85 % to ₹474 crore

New Delhi, Jan 24 () JSW Steel on Friday posted an 88.33 per cent decline in its consolidated net profit to Rs 187 crore for the December 2019 quarter.
 The company had posted a consolidated net profit of Rs 1,603 crore in the year-ago period, JSW Steel said in a filing to the BSE.
 "The net profit after tax for the quarter was Rs 187 crore, after incorporating the financials of subsidiaries and joint ventures," the company said in a statement.
 Its consolidated income during the October-December 2019 period was Rs 18,182 crore, registering a fall of 10.6 per cent over the year-ago period, the filing said.
 The company's crude steel production during the October-December 2019 period stood at 4.02 million tonne (MT), up five per cent quarter-on-quarter.
 "Production in the quarter was lower by five per cent y-o-y due to extended monsoon which impacted operations at both Dolvi and Vijayanagar," the statement said.
 After a weak momentum during the first half of the year, the current quarter witnessed a turnaround in business sentiment and better liquidity conditions, driving an overall improvement in steel demand and pricing from November onwards, it said.
 "A large part of this demand improvement is from infrastructure and construction sectors," the company said.
 "Following a period of prolonged inventory adjustment (de-stocking) in the first half, the initial spurt in demand was driven by restocking in the supply chain. As a result, the company was able to liquidate a large part of the inventory that was accumulated in the first half, primarily by selling more in the domestic markets," it said.
 On the outlook, the company said the domestic steel sector is expected to grow significantly on the back of various initiatives of the government pertaining to the domestic infrastructure and supportive monetary policies. SID HRS

JSW Steel Q3 net profit tumbles 88 pc to Rs 187 cr

New Delhi, Jan 27 () Shares of JSW Steel on Monday fell by over 4 per cent after the company reported a 88 per cent decline in consolidated net profit for the December 2019 quarter.
 The scrip tanked 3.35 per cent to close at Rs 262.85 on the BSE. During the day, it dropped 5 per cent to Rs 258.35.
 On the NSE, it fell 4.24 per cent to close at Rs 260.35.
 In traded volume terms, 4.64 lakh shares of the company were traded on the BSE and 1.7 crore units exchanged hands on the NSE.
 JSW Steel reported a 88 per cent decline in consolidated net profit to Rs 187 crore for the December 2019 quarter, mainly due to lower net sales realisation that pulled down the revenues.
 The company had reported a profit after tax (PAT) of Rs 1,603 crore in the corresponding quarter of the previous financial year.
 Its consolidated income during the October-December 2019 period was Rs 18,182 crore, registering a fall of 10.6 per cent over the year-ago period.
 "2019, especially the July-September quarter, witnessed an adverse impact of global economic slowdown on the steel industry with the production increasing significantly on one hand and prices falling, on the other hand. Similar trend was seen in the second quarter of 2019-20 in India, which was a major setback for domestic steel manufacturers," the company's Joint MD and Group CFO Seshagiri Rao had told reporters in Mumbai. 
 During the quarter, net sales realisations declined 7 per cent sequentially and 23 per cent year-on-year. 
 



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JSW Steel shares fall over 4 pc after disappointing Dec qtr results

Sajjan Jindal-owned <keyword id="146214" type="General" weightage="100" keywordseo="jsw-infrastructure" source="Orion">JSW Infrastructure</keyword> has filed preliminary papers with capital markets regulator Sebi to raise up to Rs 2,800 crore through an initial public offering (<keyword id="6354763" type="General" weightage="80" keywordseo="ipo" source="Orion">IPO</keyword>) to retire debt and support its expansion plans. JSW Infrastructure will be the third company of the <keyword id="144036" type="General" weightage="80" keywordseo="jsw-group" source="Orion">JSW Group</keyword> to be listed on the bourses after JSW Energy and JSW Steel. The ports business of the JSW Group filed the DRHP on May 9. Going by the draft papers, the IPO is purely a fresh issue of equity shares with no offer-for-sale (OFS) component, and the promoters will not be diluting their current stake through the issue. The company will use the proceeds to retire its debt as well as to fund its capacity expansion projects, as per the draft red herring prospectus (DRHP). JSW Infrastructure has an installed cargo handling capacity of 153.43 million tonnes per annum (MTPA) for multi-commodity cargo including dry bulk, break bulk, liquid bulk, gases and containers. As of December 31, 2022, JSW Infrastructure had a net debt of Rs 2,875 crore. The company had a profit after tax (PAT) of Rs 447.2 crore in October-December 2022-23 and Earnings Before Interest, <keyword id="6368033" type="General" weightage="50" keywordseo="taxes" source="Orion">Taxes</keyword>, Depreciation, and <keyword id="990685" type="General" weightage="50" keywordseo="amortisation" source="Orion">Amortisation</keyword> (EBITDA) of Rs 1,268.6 crore. JM Financial Limited, Axis Capital Limited, Credit Suisse Securities (India) Private Limited, DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, and SBI Capital Markets Limited are the book running lead managers. The equity shares are proposed to be listed on BSE and NSE. Besides, the Sajjan Jindal-owned JSW Group is also into cement, paints, venture capital and sports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/receiving-calls-from-international-numbers-starting-with-254-84-63-report-and-block-say-experts/articleshow/100132580.cms">Receiving calls from international numbers starting with +254, +84, +63...; report and block, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/ibm-partners-with-nasa-to-monitor-natural-disasters-and-climate-change-using-ai/articleshow/100132462.cms">IBM partners with NASA to monitor natural disasters and climate change using AI</a>

JSW Infrastructure files draft papers; eyes ₹2,800 cr via IPO

<ul><li>At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, led by positive cues from the Asian markets. At 7:45 am, the SGX Nifty was up 0.18%, indicating a positive start for Nifty50. On Thursday, the US equity markets were closed on the occasion of Thanksgiving. Asian markets are trading in the green this morning — the Shanghai Composite Index was up 0.19%, and the Tokyo Stock Price Index (TOPIX) was up 0.29%. These are the stocks to watch out for during the trading session today: Mahindra &amp; Mahindra Mahindra &amp; Mahindra’s (<keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>) wholly-owned subsidiary, Mahindra Holdings (MHL) has decided to sell its 100% stake of Mahindra First Choice Services (MFCS) and Auto Digitech (ADPL) to TVS Automobile Solutions (TASL). M&amp;M said after the closure of the sale, MHL’s shareholding in MFCS and ADPL would come down to zero, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company. The shares of Mahindra &amp; Mahindra ended 1.26% higher on Thursday. <keyword id="90722" type="CITY" weightage="20" keywordseo="Gillette">Gillette</keyword> The National Anti-Profiteering Authority (NAA) has imposed a fine of over ₹58 crore on Gillette India for not passing on benefits of GST rate cut to the consumers. The authorities have asked to deposit 50% of the profiteered amount in the Central Consumer Welfare Fund and the rest 50% in the Consumer Welfare Fund of the states and UT. The shares of Gillette ended 0.23% higher on Thursday. <keyword id="4379311" type="PERSON" weightage="20" keywordseo="AU-Small-Finance-Bank">AU Small Finance Bank</keyword> AU Small Finance Bank has made a strategic investment of ₹7.70 crores in National Payments Corporation of India (NPCI), wherein 61,320 equity shares at a value of ₹1,256 per share are allocated to the Bank constituting 0.44% shareholding of NPCI. The shares of AU Small Finance Bank ended 1.07% higher on Thursday. <keyword id="45609" type="CITY" weightage="20" keywordseo="JSW-Steel">JSW Steel</keyword> JSW Steel is <a href="https://www.business-standard.com/article/news-cm/jsw-steel-to-hike-stake-in-arm-for-rs-35-cr-120112500340_1.html">looking</a> to hike its stake in its subsidiary JSW Vallabh Tinplate for ₹35 crore. The shares of JSW Steel ended 7% higher on Thursday. Tube Investments of India and <keyword id="4243479" type="PERSON" weightage="20" keywordseo="CG-Power">CG Power</keyword> Tube Investments of India acquired a controlling interest in CG Power Industrial Solutions via allotment of equity shares &amp; warrants. The shares of Tube Investments of India ended 4% lower on Thursday, and CG Power was down nearly 2%. Lakshmi Vilas Bank A group of promoters of the ailing Lakshmi Vilas Bank challenged the merger with DBS Bank in the Bombay High Court. However, the court rejected the merger stay plea; the petitions have been placed for hearing on December 14 when the respondents (Reserve Bank of India, LVB and DBS Bank India) shall file their affidavits in reply. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-top-electric-cars-price-from-delhi-mumbai-chennai-bengaluru-kolkata/articleshow/79429631.cms" data-type="tilCustomLink">From Tata Nexon EV and MG ZS EV to Hyundai Kona Electric — here’s how much top electric cars cost in India</a> <a href="https://www.businessinsider.in/science/news/astrazeneca-will-likely-re-test-its-covid-19-vaccine-ceo-says-after-admitting-an-error-in-the-first-trial-that-may-have-skewed-results/articleshow/79434619.cms" data-type="tilCustomLink">AstraZeneca will likely retest its COVID-19 vaccine, CEO says after admitting an error in the first trial that may have skewed results</a>

Top stocks to watch — M&M, Gillette, AU Small Finance Bank, JSW Steel, CG Power, and others

India's largest steel-makers' association has urged the government to extend a relief package to the iron and steel sector, as most companies are likely to default on their loans. 
 The <keyword id="2490974" type="UNKNOWN" weightage="100" keywordseo="Indian-Steel-Association">Indian Steel Association</keyword> (ISA), which represents India's biggest private steel producer JSW Steel Ltd and largest public-sector steelmaker Steel Authority of India Ltd, said a large number of loans to companies were under stress and could turn into non-performing assets. 
The association urged the Indian government to dole out a special steel package offering flexibility on payment of their debt. 
 
The average operating profit margin of all steel companies in India dropped by over 40 percent in the October-December quarter, the association said in a statement on Tuesday. 
 The <keyword id="55611" type="ORGANIZATION" weightage="100" keywordseo="Indian-steel">Indian steel</keyword> industry, with a total installed capacity of 110 million tonnes per annum built at huge borrowings from banks, has been hit hard due to cheap imports from China and falling steel prices globally. 
 
Total steel imports in India rose 24.1 percent between April 2015 and January 2016, compared with the same period a year earlier, mainly due to a rise in imports from China, according to data released by India's steel ministry earlier this month. 
 
That also led to a drop in prices of steel products, according to data from NCDEX Ltd, India's second-biggest commodity exchange. 
 
With excess capacity flooding the Indian market, domestic steel producers have cut production and prices, a move that has hurt their ability to generate enough operating profit to service their debt and working capital, ISA said. 
 
Addressing repeated demands of the steel industry, the government on Feb. 6 imposed a minimum import price on 173 steel products flowing into India. 
 
But that would not be enough to address financial stress in the system, after the "severe erosion" in the operating profit margin of Indian steel-makers, the ISA said. 
 
A steel ministry official told Reuters on the condition of anonymity that the government would not want financial stress in the sector to hurt production of local makers, but declined to comment on whether the government would offer a relief package. 
 
<a href="http://glocdn.investing.com/news/LYNXMPEB0D05J_L.jpg">Image source</a>

Steel makers in India want desperate help from the Government!

New Delhi, Apr 8 () The outbreak and spread of the COVID-19 pandemic may adversely impact the expansion plans of domestic steel makers, according to experts.Indian players had been working on expansion plans in line with the government's ambitious target of scaling up the total steel making capacity to 300 million tonne per annum (MTPA) by 2030.Many steel makers in India have scaled down their production by up to 50 per cent amid the nationwide lockdown in the wake of the pandemic.Until now several ratings agencies have been pointing out that the spread of coronavirus has adversely affected the steel markets across the world including India in-terms of prices, profit margins, affecting raw material supply chain, demand and building up of inventories.According to Jayanta Roy, Senior Vice-President and Group Head, Corporate Sector Ratings, Icra, the outbreak and spread of the novel coronavirus will take a toll on Indian steel players' expansion plans."Even before the outbreak, we have seen that some companies have deferred their plans of commissioning green field and brownfield projects," Roy said, adding that given the uncertainty that the industry is witnessing due to COVID-19 outbreak, it could have an impact.Akash Krishnatry Senior Analyst, Corporates, at India Ratings said COVID-19 pandemic is expected to push the expected India's steel capacity expansions by 3-9 months depending upon the severity, spread, duration of the virus along with the preventive measures adopted."Preventive measures like country-wide lockdowns and logistical challenges shall defer the expansion plans as steelmakers need to conserve liquidity in these times while cash flow from operations would be severely impacted."Also, continuing construction would also not be possible in these times, though overall project costs could also increase due to time overruns," he said.Rashmi Rawat, Deputy Manager - Industry Research at India Ratings - is of view that domestic steel companies may take a relook at their capital expenditure (capex) plans."We have seen some companies deferring their capex plans in the last (fiscal) year itself due to lower demand. Going forward we expect steel production to get affected due to lockdowns, muted demand and lower commodity prices. Profitability of steel companies will remain under pressure in FY21 until prices recover meaningfully," she said."In this background, we do not expect steel companies to go for capacity expansion... For expanding capacity there has to be an anticipated strong rise in demand which we are unable to foresee currently," she said.Suman Chowdhury, Chief Analytical Officer, Acuité Ratings &amp; Research said, "The distinct slowdown in the domestic economy and low commodity prices clearly will be further aggravated by the COVID-19 lockdown. We expect a complete deferral of capital expenditure by the large steel companies in FY21 given the lack of visibility on a demand pickup and also their weakening debt coverage indicators."Major Indian steel players like SAIL, Tata Steel, JSW Steel, Jindal Steel and Power Ltd (JSPL) and ArcelorMittal Nippon Steel (AMNS) India who contribute about 45-50 per cent to the India's total steel production annually have plans of ramping up their capacities.While JSW Steel has plans of expanding its capacity in India to 45 by 2030, Steel Authority of India Ltd (SAIL) has already announced its expansion plan to more than double its capacity to 50 MTPA by 2030.Similarly, JSPL looks to expand its Angul plant capacity to 20 MTPA by 2030, AMNS India plans ramp up its finished steel producing capacity to 8.5 million tonnes per annum by the end of 2024 and Tata Steel has of plans ramping capacity of its Kalinganagar plant by 5 MTPA to 8 MTPA . ABI ANS

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