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<keyword id="64275" type="General" weightage="20" keywordseo="jindal-stainless" source="Orion">Jindal Stainless</keyword> Ltd (<keyword id="74606" type="General" weightage="50" keywordseo="jsl" source="Orion">JSL</keyword>) on Thursday said its consolidated net profit has more than doubled to Rs 764.03 crore in the September quarter, on the back of higher income. It had clocked Rs 347.02 crore net profit in the year-ago period, JSL said in a regulatory filing on Thursday. The company's total income increased to Rs 9,828.97 crore in the second quarter of the current fiscal as against Rs 8,776.61 crore a year ago. JSL's expenses were at Rs 8,944.04 crore, higher than the Rs 8,335.52 crore it reported a year ago. In a separate statement, JSL Managing Director Abhy per cuday Jindal, said, "Our domestic sales increased year-on-year (y-o-y), buoyed by the government's push for stainless steel in strategic sectors." "As we wait for the <keyword id="19198542" type="General" weightage="50" keywordseo="national-stainless-steel-policy" source="Orion">National Stainless Steel Policy</keyword>, we are confident that the per capita consumption of stainless steel in India will increase from the current 2.8 kg in the coming years," he said. Chinese imports have increased by nearly 55% year-on-year, which highlights the unchecked dumping of subsidised and substandard Chinese products in the Indian market, the MD said. The industry expects the government to take notice of the continuously increasing imports from China, which is hurting the sector, especially the MSMEs and as well the government's vision of an Atmanirbhar Bharat, he added. During the September quarter, the company's earnings before interest, taxes, depreciation, and amortisation was at Rs 1,231 crore, up by 80% y-o-y. "The board also approved the proposal to explore the option for selling/liquidating/divesting equity stake in its subsidiary, PT Jindal Stainless, Indonesia (PTJSI), at Gresik, Indonesia," the statement said. "The decision was taken in the wake of unfavourable market conditions in Indonesia due to the lack of a level-playing field and competition with Chinese products," it said. Most of the Indonesian market is dominated by Chinese players, and therefore, major markets such as the US and the EU have levied severe trade protection measures on exports of stainless steel products from Indonesia. The Board of Directors also approved an interim dividend Re 1 per equity share (face value of Rs 2 each) for FY24. The record date for determining the entitlement of shareholders has been set as October 28. The dividend shall be paid on or before November 17, the company said, adding that the aggregate payout will be nearly Rs 82.34 crore. The sales volume for the second quarter stood at 543,619 metric tonnes, up by nearly 26% y-o-y, owing to robust domestic demand. Ahead of the upcoming festive season, the company's sales in the auto segment -- besides other consumer-facing segments -- witnessed an uptick, the statement said.

Jindal Stainless Q2 net profit more than doubles to Rs 764 crore

<keyword id="64275" type="General" weightage="100" keywordseo="jindal-stainless" source="Orion">Jindal Stainless</keyword> will supply 3,500 tonnes stainless steel for the <keyword id="6356031" type="General" weightage="50" keywordseo="indian-railway" source="Orion">Indian Railway</keyword>'s Udhampur-Srinagar-Baramulla Railway Link (<keyword id="1356194" type="General" weightage="80" keywordseo="usbrl" source="Orion">USBRL</keyword>) tunnel project coming up in <keyword id="6357972" type="General" weightage="50" keywordseo="jammu" source="Orion">Jammu</keyword> and <keyword id="6354495" type="General" weightage="50" keywordseo="kashmir" source="Orion">Kashmir</keyword>. 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 <keyword id="14484319" type="General" weightage="20" keywordseo="jk-we-congratulate-railways" source="Orion">J&amp;K.We congratulate Railways</keyword> 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, and a lower life cycle cost. USBRL has been declared a project of national importance and is the biggest one in the construction of a mountain railway since independence.It is also the highest altitude railway network and the most challenging railway project undertaken by the Indian Railways. The newly constructed railway line will provide an all-weather and reliable connectivity to Jammu and Kashmir. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a>

Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project

New Delhi, Apr () Jindal Stainless Ltd (JSL) on Thursday announced a financial contribution of Rs 5 crore towards PM CARES Fund to fight the coronavirus outbreak. In addition to the aid, JSL has taken several steps like offering medical facilities, safety equipment, among others, to contain the spread of the virus, the company said in a statement. "Jindal Stainless announces a contribution of Rs 5 crore towards PM-CARES Fund in support of the on-going efforts of the government to combat the COVID-19 pandemic in India," it said. The company had earlier pledged a sum of Rs 15 lakh to Haryana Chief Minister's Relief Fund, it said. The company's 580-bedded multi super-specialty hospital Jindal Institute of Medical Sciences (JIMS) at Hisar (Haryana) has dedicated 125 beds for isolation ward and two negative pressure isolation rooms for COVID-19 patients. The facility is also producing and supplying industrial and medical oxygen to JIMS and Agroha Medical College for medical emergencies. Apart from this, JSL is supporting over 500 families through food packets and food grain distribution in areas around its plants at Hisar and Jajpur (Odisha). The company is also distributing ration and food supplies to migrants and daily wage workers in Delhi-NCR post the imposition of lockdown, it said. JSL Managing Director Abhyuday Jindal said, "In the midst of this global health crisis, we understand the need to support the government and put up joint efforts towards the goal of saving lives. The COVID-19 pandemic is by far the worst global crisis that has hit humanity at large. "In these pressing times, we extend gratitude to the Indian government and the medical fraternity who are managing the crisis. From food requirements to medical and sanitation supplies, we will ensure all our support to the country in this hour of need," he added. ABI RVK

COVID-19: Jindal Stainless donates Rs 5 cr to PM CARES Fund

New Delhi, Feb 11 () Jindal Stainless Ltd (JSL) on Tuesday reported a 15.85 per cent increase in consolidated net profit at Rs 51.81 crore for the quarter ended December, mainly on account of reduced material and finance cost. The country's largest stainless steel maker had clocked a net profit of Rs 44.72 crore during the same quarter a year ago. During October-December 2019, the company's total income stood at Rs 3,311 crore as compared with Rs 3,315 crore in the year-ago quarter, JSL said in a BSE filing. Finance cost fell to Rs 144 crore from Rs 151 crore in the year-ago period, while cost of material consumed was also lower at Rs 2,025 crore as compared with Rs 2,120 crore. "Sales volume rose by 17 per cent from 2,04,083 tonnes in the corresponding period last year to 2,39,283 tonnes in Q3 FY20. However, margins remained under pressure due to imports," the company said in a statement. During the quarter, JSL also received consent-to-operate at an annual melt capacity of 1.1 million tonnes. The company managed to log in good performance in exports with 39 per cent growth to 51,369 tonnes from 36,954 tonnes, it added. JSL Managing Director Abhyuday Jindal said, as a result of robust product-mix and diversification into special grades, JSL was able to deliver a steady performance despite challenging macro-economic environment. Demand from certain segments like automobiles remained muted in the quarter, he added. "We are happy to note the government's initiative announced in the latest Budget, taking cognizance of the need to review operational FTAs (free trade agreements). We hope that it will bring the domestic industry to the level playing field it deserves," Jindal said. During April-December 2019, total stainless steel imports soared to 640,000 tonnes as compared to about 350,000 tonnes in the same period of 2018, he said. The domestic stainless steel industry continued to suffer due to continuous dumping of subsidised stainless steel products at irrational prices. While the onslaught of imports hampered the profitability of big producers, the dumping rendered capacities of several small producers idle, and turned them from producers to traders, he added. ABI RVK

Jindal Stainless Q3 net profit up 16 pc to Rs 52 cr

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman's major announcements on infrastructure as well as logistics sector will create rural demand and boost employment opportunities, Cement Manufacturers Association (CMA) said on Saturday.
 Priorities given to household, roads, railways, economic corridors, solar power, accelerated development of highways should help boost development and wealth creation besides reviving cement demand, CMA said in a release.
"The emphasis on highways and roads development is well placed. This captures the priorities of economic development and an aspirational India. We would hope that rural demand gets revived and it assists in job creation," said Cement Manufacturers Association President Mahendra Singhi.
Over the national logistics policy, he said CMA is already engaged in a dialogue with the government on this.
"We are actively engaged in a dialogue with the Ministry of Commerce on the National Logistics Policy and would expect some of our considerations for upgradation and modernisation of rail infrastructure are particularly carried through," Singhi added.
While presenting the Budget for 2020-21, Sitharaman said a national logistics policy will be released soon which will set up a single window e-logistics market and focus on employment generation and making MSMEs competitive.
"We would look forward to these taking shape. The reaffirmation of commitment towards clean air, climate change mitigation efforts are most welcome. More policy interventions to revive real estate and housing would be welcome. Infrastructure development, new 100 airports and emphasis on road would go a long way to revive cement demand", Singhi said.
CMA is the apex representative body of large cement manufacturers in India. 
CMA Vice President Neeraj Akhoury said focus on project preparation facilities for infrastructure projects and the national logistics policy that will be released soon should help boost infrastructure and have a positive impact on the economy.
"Priorities given to household, roads, railways, economic corridors, solar power, accelerated development of highways should help boost development and wealth creation. The cement industry is committed towards playing a strong role in the government's aspirational agenda for transformative economic growth," he said.
Dalmia Bharat Group Managing Director Puneet Dalmia said budget has focused on rejuvenating economic growth and the government has taken focused steps.
"A lot now hinges on the government's ambitious National Infrastructure Pipeline programme that aims to attract investments of over Rs 100 lakh crore in the next five years. If the 6,500 identified projects are executed well, this one single programme has the potential to significantly alter the Indian landscape, create lakhs of jobs, provide robust business to ancillary industries like steel and cement, and prime the broad economy," he said. 
Managing Director Jindal Stainless Abhyuday Jindal said "I believe that the Indian industry will reap huge benefits from the proposed National Logistics Policy. The stainless steel industry is expecting a boost from the announcement of accelerated development of highways, ports, airports, railways and station redevelopment projects along with renewed emphasis on water management measures."
Harsh Pati Singhania, Director JK Organisation said "the budget focus on agriculture to double farmers' income by 2022 and also infrastructure, including affordable housing is welcome. The proposed National Infrastructure Pipeline of Rs 103 lakh crore and setting up Investment Clearance Cell are moves in the right direction". KRH ABI
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Jindal Stainless Q2 net profit more than doubles to Rs 764 crore

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Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project

PTI

COVID-19: Jindal Stainless donates Rs 5 cr to PM CARES Fund

PTI

Jindal Stainless Q3 net profit up 16 pc to Rs 52 cr

PTI

Push on infra, logistics to help in demand revival: Industry

PTI

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