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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

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

India's corporate credit landscape is showing positive trends that are expected to persist, according to a recent report by <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="261" meta.entityid="S&amp;P Global">S&amp;P Global</keyword>. The report highlights strengthening credit quality across various sectors, driven by enhanced <keyword id="20994126" type="General" weightage="20" keywordseo="financial-discipline" source="keywords">financial discipline</keyword>, broad-based <keyword id="19899597" type="General" weightage="20" keywordseo="earnings-growth" source="keywords">earnings growth</keyword>, and robust liquidity profiles. S&amp;P Global's analysis reveals that one in three ratings within India now shows a positive outlook, marking a significant shift after three years of net positive rating actions. The report indicates that corporate India has built greater resilience against downside risks, reflecting a more stable and robust credit environment. However, corporate leverage in India is expected to decline marginally, even as capital expenditure (capex) rises by 30% compared to pre-pandemic levels. This improvement is attributed to more entrenched financial discipline among companies, which have managed to balance rising capex with prudent financial management. The report forecasts a 10% growth in aggregate EBITDA in 2024, driven by strong performance in sectors such as telecommunications, airports, commodities, and chemicals. This broad-based earnings growth underscores the resilience of corporate India and its ability to generate substantial cash flows despite a challenging global environment. Indian companies are benefiting from strong onshore liquidity and the absence of large debt maturities, which support their liquidity profiles. The resilience of these companies to foreign exchange and interest rate volatility further strengthens their liquidity positions. Corporate India's positive credit trends are closely linked to broader economic drivers such as GDP growth. Increased consumer spending is bolstering sectors like airports, automobiles, and telecommunications. Meanwhile, infrastructure investment is significantly boosting the commodities, utilities, and commercial automotive sectors. S&amp;P Global notes that both infrastructure and non-infrastructure sectors are experiencing reductions in leverage, with absolute debt reduction more pronounced in non-infrastructure sectors. However, infrastructure entities are slower in reducing debt due to higher capex, particularly in energy transition initiatives. Operating cash flows across sectors are outpacing capex, supporting further deleveraging. While capex intensity remains higher in infrastructure sectors, the neutral free operating cash flow is seen as a positive trend, indicating that companies are managing their capital expenditures efficiently while maintaining cash flows. The transportation infrastructure sector is benefiting from traffic growth and tariff increases, with rising cargo volumes supporting port revenues and improved operating efficiencies boosting margins. Airports are also experiencing higher traffic levels and tariff increases, contributing to better operating cash flows and overall credit quality. In the utilities sector, rising demand and new capacity are driving earnings growth, though capex remains high, particularly for energy transition projects. The steel sector is expected to see increased operating cash flow due to falling input prices and new capacity additions. Earnings in the oil and gas sector are expected to remain stable, supported by a favorable price outlook and consistent production levels. The telecom sector is also on a path to significant deleveraging, with capex expected to moderate following the 5G auctions in 2023. The auto sector is witnessing sustained operating performance as volumes stabilize after the supply chain disruptions of 2022. S&amp;P Global notes that debt levels in the auto sector are expected to remain low following sharp deleveraging, while normalized growth in auto sales and stable margins support the sector's positive outlook. In the chemicals sector, falling input costs and stabilized product prices are expected to drive earnings recovery following a downturn in 2023. Improved signals show a broader trend of recovery across various industrial sectors in India. S&amp;P Global concludes that with the highest proportion of positive credit outlooks in the region, India's corporate sector is well-positioned for continued <keyword id="22758432" type="General" weightage="20" keywordseo="credit-quality-improvement" source="keywords">credit quality improvement</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a>

India's corporate credit quality is getting stronger: S&P Global

<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

<ul class="summary-list"><li>The <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Cybertruck's</a> stainless steel body has made it difficult to align its panels, WSJ reported.</li><li>The EV has faced a series of delays since Elon Musk first announced it.</li></ul>The Cybertruck's stainless steel body has been difficult to work with, especially when it comes to the vehicle's <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-fit-finish-issues-elon-musk-prototype-photos-2023-10">fit and finish</a>, The Wall Street Journal reported on Monday.The stainless steel has been difficult to shape into panels without gaps or alignment issues, the publication said, citing individuals who had worked on the Cybertruck.The Journal said the stainless steel is made in "coils that resemble giant rolls of toilet paper." As a result, the metal is prone to curving and attempting to resume its previous shape, even when it has been flattened, <a target="_blank" href="https://www.wsj.com/business/autos/behind-teslas-challenges-in-making-the-cybertruck-ultrahard-stainless-steel-8cb4c1b9">the Journal reported</a>.A spokesperson for Tesla did not immediately respond to a request for comment on the report ahead of publication.The Cybertruck has been plagued with delays since <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> first announced Tesla would build an electric pickup truck in 2019. In October, Tesla set a <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-cybertruck-release-date-november-delivery-event-giga-texas-2023-10">delivery event for the first Cybertrucks</a> for November 30 after two years of delays — and there's signs the truck will have a smaller release than initially expected. Tesla's global director of product design, Javier Verdura, said last week that the company would deliver only 10 <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-delivery-event-details-10-vehicles-2023-11">Cybertrucks at its delivery event</a>.The stainless steel, futuristic design is all part of Musk's plans to create a <a target="_blank" href="https://www.businessinsider.com/elon-musk-beast-mode-tesla-cybertruck-bulletproof-windows-option-2023-10">"tough" truck</a> that would be ideal for an apocalypse. The billionaire has said the vehicle's stainless steel body will be bulletproof and even comes with an option for fixed bulletproof windows.Meanwhile, Musk has warned that it will be difficult to scale production due to the vehicle's unusual design and said the company aims to produce about a quarter million Cybertrucks per year by 2025."When you've got a product with a lot of new technology or any brand new vehicle program, especially one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you're trying to solve at scale," Musk said during <a target="_blank" href="https://www.businessinsider.com/tesla-earnings-q3-report-live-updates-guidance-analyst-call-stock-reaction-2023-10">Tesla's earnings</a> call last month.The Cybertruck is the first vehicle to be made out of stainless steel since the DeLorean was produced in the 80s.Giorgetto Giugiaro, the designer of the DeLorean, said earlier this month that he anticipates the <a target="_blank" href="https://www.businessinsider.com/delorean-designer-says-tesla-cybertruck-will-be-successful-2023-11">Cybertruck will be a success</a>.But, while the DeLorean is now a cult classic, it faced a series of production issues, including concerns about its stainless-steel body and panel alignment. Despite early enthusiasm from prospective buyers, the company only produced about 9,000 of the vehicles, <a target="_blank" rel=" nofollow" href="https://www.motortrend.com/vehicle-genres/dmc-delorean-history-generations-specifications-photos/">MotorTrend reported</a>.Early sighting of the electric-pickup truck have generated quite the buzz online and the company has over 2 million reservations, according to a September tally by <a target="_blank" href="https://electrek.co/2023/09/15/tesla-cybertruck-reservations-tally-2-million/">Electrek</a>.Yet despite the enthusiasm, some Tesla fans have already taken to <a target="_blank" href="https://www.businessinsider.com/the-cybertrucks-stainless-steel-will-always-be-a-little-smudgy-2023-8">criticizing the design</a>, including the vehicle's enormous windshield wiper and images of its finger-print smudged doors, as well as misaligned panels.Auto expert Sandy Munro previously told Insider it's unfair to judge the vehicle based off of images of <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-fit-finish-issues-elon-musk-prototype-photos-2023-10">early Cybertruck prototypes.</a>Munro has also pointed out that the thick stainless steel body has several perks for owners."The thing about stainless steel is it hangs around a while," he said. "Now if I want to polish that car, I can make it so that it shines like the sun for a while. I can buff the daylights out of it without having to worry about a new paint job. If I get a scratch, I can get that scratch out no question."Do you work on the Cybertruck or hold a reservation for the vehicle? Contact this reporter from a non-work email at gkay@businessinsider.com

The stainless steel body of Tesla's Cybertruck is reportedly leading to issues with gaps in between the panels

<ul class="summary-list"><li>The <a target="_blank" href="https://www.businessinsider.com/tesla-truck-cybertruck">Cybertruck's</a> stainless-steel body has made it difficult to align its panels, a WSJ report says.</li><li>The EV has faced a series of delays since Elon Musk first announced it.</li></ul>The Cybertruck's stainless-steel body has been difficult to work with, especially when it comes to the vehicle's <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-fit-finish-issues-elon-musk-prototype-photos-2023-10">fit and finish</a>, The Wall Street Journal reported on Monday.The stainless steel is difficult to shape into panels without gaps or alignment issues, the publication said, citing individuals who worked on the Cybertruck.<a target="_blank" href="https://www.wsj.com/business/autos/behind-teslas-challenges-in-making-the-cybertruck-ultrahard-stainless-steel-8cb4c1b9">The Journal reported</a> the stainless steel was made in "coils that resemble giant rolls of toilet paper," and as a result, the metal was prone to curving and attempting to resume its previous shape, even when it had been flattened.A spokesperson for Tesla did not immediately respond to a request for comment on the report ahead of publication.The Cybertruck has been plagued with delays since <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> first announced Tesla would build an electric pickup truck in 2019. In October, Tesla set a <a target="_blank" rel="" href="https://www.businessinsider.com/tesla-cybertruck-release-date-november-delivery-event-giga-texas-2023-10">delivery event for the first Cybertrucks</a> for November 30 after two years of delays — and there are signs the truck will have a smaller release than initially expected. Tesla's global director of product design, Javier Verdura, said last week that the company would deliver only 10 <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-delivery-event-details-10-vehicles-2023-11">Cybertrucks at its delivery event</a>.The futuristic stainless-steel design is part of Musk's plans to create a <a target="_blank" href="https://www.businessinsider.com/elon-musk-beast-mode-tesla-cybertruck-bulletproof-windows-option-2023-10">"tough" truck</a> that would be ideal for an apocalypse. The billionaire has said the vehicle's stainless-steel body will be bulletproof and even comes with an option for fixed bulletproof windows.Meanwhile, Musk has said that it will be difficult to scale production due to the vehicle's unusual design and that the company aims to produce about a quarter million Cybertrucks a year by 2025."When you've got a product with a lot of new technology or any brand-new vehicle program, especially one that is as different and advanced as the Cybertruck, you will have problems proportionate to how many new things you're trying to solve at scale," Musk said during <a target="_blank" href="https://www.businessinsider.com/tesla-earnings-q3-report-live-updates-guidance-analyst-call-stock-reaction-2023-10">Tesla's earnings</a> call last month.The Cybertruck is the first vehicle to be made from stainless steel since the DeLorean was produced in the 80s.Giorgetto Giugiaro, the designer of the DeLorean, said earlier this month that he anticipated the <a target="_blank" href="https://www.businessinsider.com/delorean-designer-says-tesla-cybertruck-will-be-successful-2023-11">Cybertruck would be a success</a>.But, while the DeLorean is now a cult classic, it faced a series of production issues, including concerns about its stainless-steel body and panel alignment. Despite early enthusiasm from prospective buyers, the company only produced about 9,000 of the vehicles, <a target="_blank" rel=" nofollow" href="https://www.motortrend.com/vehicle-genres/dmc-delorean-history-generations-specifications-photos/">MotorTrend reported</a>.Early sightings of the electric pickup truck have generated quite the buzz online, and a September tally by <a target="_blank" href="https://electrek.co/2023/09/15/tesla-cybertruck-reservations-tally-2-million/">Electrek</a> indicated the company had more than 2 million reservations.Yet despite the enthusiasm, some Tesla fans have already taken to <a target="_blank" href="https://www.businessinsider.com/the-cybertrucks-stainless-steel-will-always-be-a-little-smudgy-2023-8">criticizing the design</a>, including the vehicle's enormous windshield wiper and images of its finger-print-smudged doors, as well as misaligned panels.The auto expert Sandy Munro previously told Insider it was unfair to judge the vehicle based off of images of <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-fit-finish-issues-elon-musk-prototype-photos-2023-10">early Cybertruck prototypes</a>.Munro has also pointed out that the thick stainless-steel body has several perks for owners."The thing about stainless steel is it hangs around a while," he said. "Now, if I want to polish that car, I can make it so that it shines like the sun for a while. I can buff the daylights out of it without having to worry about a new paint job. If I get a scratch, I can get that scratch out, no question."Do you work on the Cybertruck or hold a reservation for the vehicle? Contact this reporter from a non-work email at gkay@businessinsider.com

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

PTI

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

PTI

India's corporate credit quality is getting stronger: S&P Global

ANI

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

PTI

The stainless steel body of Tesla's Cybertruck is reportedly leading to issues with gaps in between the panels

Grace Kay

The stainless-steel body of Tesla's Cybertruck is reportedly leading to issues with gaps in between the panels

Grace Kay

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