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New Delhi, Jun 18 () Jindal Steel and Power Ltd (JSPL) on Thursday lauded the government's move to launch auction process for 41 coal blocks for commercial mining, saying that it will help create employment in the country. In a statement, its Chairman Naveen Jindal said the reforms will help make the domestic steel and mines sector more competitive resulting in the creation of employment. Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India's coal sector for private players, and termed it a major step in the direction of India achieving self-reliance. Launching the auction of blocks for commercial mining, which is expected to garner Rs 33,000 crore of capital investment in the country over the next 5-7 years, the prime minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant. Currently, despite being the world's fourth-largest producer, he said India is the second-largest importer of the dry fuel. "I thank PM Narendra Modi for taking the coal sector out of decades of lockdown. These reforms will make the sector more competitive and generate large-scale employment," Jindal said. India has one of the largest reserves of coal in the world, he said adding that its gasification can help our country overcome the perennial shortage of oil, gas, methanol, ammonia and urea, and help reduce imports. The prime minister's announcement to gasify 100 million tonnes (MT) of coal by 2030 will be a big boost to coal gasification in India and fulfil vision of 'Atmanirbhar Bharat' using clean coal technology, he added. Jindal further said, "JSPL is the first company in India to build coal gasification plant and the first in the world to produce direct reduced iron (DRI)/steel using swadeshi coal." JSPL Managing Director V R Sharman had earlier said India has coal reserves for another 300 years and the time is ripe to use the reserve. Coal can be converted into syngas (synthetic gas), which can be used for producing petrol, diesel and other petroleum products, that can reduce dependence on crude oil imports, he said. JSPL is already using the technology at its Angul plant in Odisha. It is India's first and only plant producing steel from swadeshi coal using the coal gasification technology. ABI HRS

Commercial mining of coal to create employment: JSPL

<ul><li> <keyword id="45581" type="COMPANY" weightage="20" keywordseo="JSPL">JSPL</keyword>, in a statement, said its subsidiary "<keyword id="106159" type="CITY" weightage="20" keywordseo="Jindal-Steel">Jindal Steel</keyword> and Power (Mauritius) Ltd (JSPML) has accepted a binding offer from Templar Investments Limited to divest its entire stake in its Oman asset <keyword id="9494254" type="COMPANY" weightage="20" keywordseo="jindal-shadeed-iron-and-steel-co-llc">Jindal Shadeed Iron and Steel Co LLC</keyword> (JSIS Oman)". </li><li>The enterprise value of the deal is over USD 1 billion, it said. The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others. </li><li>The company said it expects the transaction to close approximately in a month. JSPL, a part of the OP Jindal Group, has presence in steel, power, mining and infrastructure sectors. </li></ul> The shares of Jindal Steel and Power plunged 2% at ₹158.15 after the company said it will offload its entire stake in Oman-based subsidiary for over $1 billion (Rs 7,500 crore). JSPL, in a statement, said its subsidiary "Jindal Steel and Power (Mauritius) Ltd (JSPML) has accepted a binding offer from Templar Investments Limited to divest its entire stake in its Oman asset Jindal Shadeed Iron and Steel Co LLC (JSIS Oman)". The enterprise value of the deal is over USD 1 billion, it said. The transaction is subject to approval from shareholders of JSPL and lenders of JSIS Oman, among others. The company said it expects the transaction to close approximately in a month. JSPL, a part of the OP Jindal Group, has presence in steel, power, mining and infrastructure sectors.

Jindal Steel and Power's share sink 2% after the company said it will sell stake in Oman subsidiary for over $1 billion

Bhubaneswar, Apr 13 () Joining hands with the stategovernment in the battle against Covid-19, Jindal Steel &amp;Power Ltd (JSPL) on Monday said it has taken up a host ofactivities ranging from distributing personal hygiene productsto people to feeding the hungry across all its operationallocations in three districts of the state.The steelmaker, through its CSR Arm JSPL Foundation,has been providing cooked and dry foods to the distressedpeople such as truck drivers and migrants and other vulnerablepeople and distributing masks and soaps among localcommunities.JSPL Foundation has also been organizing awarenesssessions in Angul, Barbil and Tensa to sensitize people onpreventive measures to check the spread of coronaVirus, acompany statement said.Like its other operational locations in India, JSPLFoundation has launched Mission Zero Hunger programme in thesethree locations.Under this programme, the foundation is delivering hotcooked food to various needy people who are deprived ofgetting daily meals because of the lockdown.As on April 12, JSPL Foundation has distributed about20000 meals across these three locations of Odisha in itsMission Zero Hunger programme, the statement said.Besides, old age homes, child care homes, shelterhomes for the destitute women and rhomes for special childrenare provided with dry food materials such as rice, dal, oil,jaggery/sugar, chiwda/poha, potato, onions and soybean.Baby food for infants is also being provided, thestatement said adding that more than 600 people are benefittedby this service every day.Women self-help groups with support of the Foundationare making both disposable and washable masks and more than1,20,000 masks have been distributed in the local community,workforce and extension workers in coordination with the localadministration, it said. SKNNN NN

JSPL joins hand with Odisha government to fight Covid-19

New Delhi, Mar 19 () Domestic steelmaker Jindal Steel and Power Ltd (JSPL) on Thursday said several arrangements have been made at its plants and offices across India and abroad to protect employees amid the coronavirus outbreak. It has been ensured that each employee is screened for body temperature, and hand sanitisers and masks have been made available at all offices and facilities, the company said in a statement. Large gatherings have been prohibited at JSPL centres and non-company officials entering its facilities and offices are thoroughly being scanned, it added. JSPL Chairman Naveen Jindal said that "employees have a key role in running the business and their well-being and good health is a top priority for us. A team of specialist doctors is monitoring and overseeing the preventive arrangements being put in place at all offices and plants." JSPL MD V R Sharma said emergency response teams (ERTs) have also been constituted who are counselling the employees. ABI ABM

Coronavirus: JSPL makes arrangements at plants, offices to safeguard employees

Naveen Jindal reveals that JSPL's steel exports have spiked since Covid-19 outbreak

New Delhi, Feb 4 () Jindal Steel and Power Ltd (JSPL) on Tuesday said it has started transportation of iron ore from its supplier's mines in Odisha.
 "Following the recent order by Supreme Court it has started transportation of already-processed and royalty-paid iron ore from its supplier's mines in district Keonjhar, Odisha," JSPL said in a filing to BSE.
 A Supreme Court bench has allowed the JSPL to transport high-quality iron ore lying in Thakurani block mines of Sarda Mines Pvt Ltd (SMPL).
 SMPL, a supplier of a high quality ore to the Naveen Jindal-led JSPL plant, was closed on March 2014, because of lack of environment clearances.
 Last week, the Supreme Court allowed SMPL to resume its mining operations in Odisha subject to deposit of Rs 933 crore towards environmental compensation by February 29.
 This relief to JSPL has come after legal efforts of almost six years, the company said.
 "This is a great relief to the company in terms of bolstering its working capital and raw material security," JSPL MD V R Sharma said.
 The shares of JSPL were trading at Rs 178.95 a piece on BSE in the morning trade, up 2.34 per cent from the previous close. SID ANS
ANS

JSPL begins transportation of iron ore from Odisha mines

New Delhi, Jan 14 () Jindal Steel and Power Ltd (JSPL) on Tuesday said its coal gasification-based DRI plant at Angul district in Odisha has resumed operation.
 "JSPL's 1.80 MTPA DRI (direct reduced iron) plant based on coal gasification process has resumed operations in Odisha's Angul district," the company said in a filing to BSE.
 The plant was not operational for long due to the scarcity of coal. Now Coal India Ltd (CIL) and its arm Mahanadi Coalfields Ltd have started selling coal in adequate quantity, therefore gasification and DRI operations have resumed.
 "Our... plants are again working on the full potential on purchased coal," JSPL MD V R Sharma said.
 "We are targeting an additional production run-rate of 1.50 million tonnes per year of steel in FY20-21 through CGP (coal gasification process) and DRI route," Sharma said.
 Direct reduced iron, also called sponge iron, is produced from the direct reduction of iron ore (in the form of lumps, pellets, or fines) to iron by reducing gas or elemental carbon produced from natural gas or coal. Many ores are suitable for direct reduction.
 The plant was set up by JSPL to ensure the availability of chemical and thermal energy required to produce DRI at an affordable price to reduce environmental impact of coal in the long run.
 The coal gasification process converts high-ash grade coal into synthesis gas or Syngas. The syngas has replaced the costlier natural gas being used by other DRI manufacturers across the globe.
 The syngas is used as a reductant in converting iron ore/ iron pellets into DRI /sponge iron.
 "It is the first plant of its kind in the world where syngas is used in making DRI," the filing said.
 JSPL said that it has invested thousands of crores to build the Direct Reduced Iron plant and coal gasification plant.
 The syngas produced from coal gasification contains methane, carbon monoxide, hydrogen and other such useful gases, in a particular ratio, which are required to produce DRI from iron ore/pellets.
 This gasification process has a lesser impact on the environment as compared to the coal combustion process.
 The shares of the company were trading at Rs 178.40, up 0.28 per cent on BSE in the morning trade. SID DRR

JSPL's coal gasification-based DRI plant in Odisha resumes operation

New Delhi, Jan 2 () Jindal Steel and Power Ltd (JSPL) on Thursday said its domestic production of crude steel and related products for the quarter ended December 31, 2019 stood at 1.61 million tonnes (MT), up 22 per cent from the year ago period.
 The company's crude steel output had stood at 1.32 million tonnes in the corresponding period last year, JSPL said in a statement.
 According to JSPL, this is the "highest ever quarterly domestic production of crude steel and related products... as a result of the strong and consistence performance across all locations, especially in Angul operations,".
 During the third quarter of FY20, JSPL recorded a growth of 30 per cent in sales at 1.66 MT, as against 1.27 million tonnes a year-ago.
 JSPL further said export shipments increased to more than 3 lakh MT.
 In Oman, the sales of its subsidiary -- JSIS-Oman Steel -- increased by 27 per cent to 0.572 million MT and steel production increased by 10 per cent to 0.502 million MT.
 "We are going to start our DRI- CGP (Coal Gasification plant) unit at Angul during Jan 2020, and together with a favourably evolving product mix, we expect to further drive growth in sales and profit," JSPL MD V R Sharma said.
 Sharma further noted that increased demand from infrastructure projects especially for segments like railways, defense, petroleum, and pipelines will certainly drive steel demands for JSPL.
 "As we begin 2020, we are excited about the prospects, and confident that the coming quarter would be even much better for JSPL Union finance minister Nirmala Sitharaman recently unveiled Rs 102 lakh crore of projects under National Infrastructure Pipeline, which is to be implemented in the next five year as part of the government's spending push in the infrastructure sector," Sharma said. ABI DRR

JSPL reports strong Q3 steel production, sales data

Mumbai, Dec 17 () Jindal Steel and Power Ltd (JSPL) hopes to become debt free in the next 3-4 years, its Chairman Naveen Jindal said on Tuesday.
Speaking at the India Economic Conclave 2019, he however said his company will no longer expand in newer areas.
"In the last few years, the way things have hit us, we have become risk averse and conservative. We aim to be debt-free in the next 3-4 years. This means we will grow less but we will make sure we remain profitable and maintain our EBITDA margins," he said. 
He noted that the company was not keen on expanding in new areas or growing as it did initially because there is "no appreciation" of the contribution that the company has made in the power and steel sectors. 
His comments come a day after the government denied allocation of a coal mine at Gare Palma, Chhattisgarh, to JSPL citing low valuation, even as it emerged as the highest bidder for the block at the recent auction.
"What has hit us is mostly the cancellation of coal blocks in 2014 and certainly after having invested around Rs 75,000 crore, we were left with no fuel source and we could never imagine that the Supreme Court would cancel all the fuel sources of all companies against the advice of CAG which said coal producers should be incentivised. 
"We were penalised with Rs 3,500 crore and were left without fuel. Last 4-5 years we have learned to manage without that to run our steel plants on 100 per cent imported coal and it was challenging but we are coming out stronger," he said. 
Expressing hope that there will be improvement in availability of coal, he said since India has the third largest reserves of coal, there is no reason why there should be any shortage of the dry fuel.
"It is only a matter of time, it will increase and we will not have shortage," Jindal added.
When asked about the decline in demand and prices of steel he said the sector has now started to look up and the demand is likely to come back. 
"Currently, prices are low but then the coking coal prices have also come down. We are still able to maintain our margins so steel is looking good. Power demand and pricing has gone down and there is also a shortage of coal. 
 "However, that seems to be improving now. Also with the steps the government is taking with regards to commercial mining and bidding of coal blocks, I do not think there will be shortage of the fuel," he added. PSK ANU
ANU

JSPL hopes to become debt free in 4 years: Naveen Jindal

Mumbai, Apr 27 () Domestic steel players need to gear up to raise production by improving efficiency and reducing cost to tap into the international markets, as China has become a net importer due to the COVID-19 impact, said JSPL Managing Director V R Sharma. Speaking at an online seminar organised by the All India Induction Furnaces Association (AIIFA) along with Hyve India, the managing director of Jindal Steel and Power Ltd (JSPL) said the fall in domestic demand for steel is a temporary phenomenon and will pick up once the government agencies start tendering major infrastructure projects. "Due to the COVID-19 pandemic, China's steel production was affected for nearly four months from December 2019 and, thus, they started importing steel from every possible source from March 2020. So, today, China is a net importer of steel and we have no threat from that country," Sharma said. He added that at the same time, the demand from southeast Asian countries and Europe is also increasing as their activities are also impacted. "Therefore, Indian players need to gear up to increase production by reducing cost and improving efficiency." In Europe, the demand is coming from Italy, Spain and Germany because the steel industries there were also severely impacted due to the pandemic. "Similarly, a good demand is coming from Philippines, Indonesia, Malaysia and also from China and we need to take advantage of this by selling as much as we can," he added. Also, with a number of infrastructure projects slated to be tendered by various government agencies, this will give the necessary boost to domestic demand for steel. "Union Minister for Highways Nitin Garkari recently said there are nearly 460 large projects which will come into action by December 2020, which include the ambitious Bharatmala and Sagarmala projects. Along with these, we are expecting projects from the Indian Railways and other state agencies like BHEL, PGCIL and others like the irrigation department. "Once these projects are declared by the government, we will be in a position to sell more steel. There will be so much demand in India that will become an importer of steel if we don't gear up," Sharma added. Besides, the iron ore mines are now operational and there is sufficient availability of domestic coal, which can be used for increasing steel production, he added. "The government and the RBI (Reserve Bank of India) are taking all the necessary steps from their end. We cannot expect the government to do everything. While we should focus on improving productivity, the government can ensure movement of trucks and tendering of projects as fast as possible. Also, the government can support the industry in terms of moratorium and not declaring companies as NPAs (non-performing assets)," Sharma added. PSK HRS

Firms need to gear up to raise output for tapping steel markets ceded by China due to COVID-19: JSPL

Shares of <keyword id="145740" type="UNKNOWN" weightage="100" keywordseo="Jindal-Steel-and-Power">Jindal Steel and Power</keyword> Limited (<keyword id="45581" type="COMPANY" weightage="100" keywordseo="JSPL">JSPL</keyword>) went down more than 6% during intra-day trade after the Central Bureau of Investigation (<keyword id="6354572" type="ORGANIZATION" weightage="60" keywordseo="CBI">CBI</keyword>) registered a case regarding alleged cheating and criminal conspiracy. 
 
The CBI registered a First Information Report (FIR) against JSPL and unidentified public servants for alleged excess and illegal mining beyond the approved area. 
 
The case is based on a preliminary investigation registered by the CBI in September 2013.

Jindal Steel Shares Crashes After CBI Registers Another Case

<ul><li>The SGX <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was trading nearly a percent higher.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> 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>Amid mixed cues from the global market, Indian stock-market indices are likely to open lower on Friday. On Thursday, the Dow Jones Industrial Average fell 0.29% or 80.12 points, due to the newly-released US unemployment data. However, at 8:05 am, the SGX Nifty was trading nearly a percent higher. These are the <keyword id="6354298" type="DEFINITION" weightage="20" keywordseo="Stocks">stocks</keyword> to watch out for during the trading session on August 14: <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> Domestic steel major Tata Steel posted a consolidated net loss of ₹4,648.13 crore for the quarter ended June, mainly on account of reduced income. However, on a standalone basis, the company managed to maintain profitability despite a significant reduction in income. According to the filing, Tata Steel posted a standalone net profit of ₹1,193.27 crore in the quarter under review, down from ₹ 1,538.99 crore last year. The shares of Tata Steel ended flat yesterday. <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> Bharat Petroleum Corporation Ltd (BPCL), the highlight among the host of state-run companies put on the block by the government reported a 93% increase in its standalone net profit for the April-June quarter at ₹2,076.17 crore. The rise in profits was largely backed by a 43.22% fall in its total expenditure during the period under review to ₹48,284.06 crore. The shares of BPCL ended nearly 1% lower yesterday. <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> The country’s largest two-wheeler maker Hero posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30, on account of lower sales due to the coronavirus pandemic. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. The shares of Hero ended nearly 2% lower yesterday. <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> Eicher Motors arm VECV acquired Volvo Group’s bus business in India for ₹100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement. The company also reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to COVID-19 pandemic. The shares of Eicher ended over 2% lower yesterday. Bank of India The board of the Bank of India has approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. The shares of BoI ended over 1% lower yesterday. Jindal Steel and Power Jindal Steel and Power Ltd (JSPL) has started supplying head hardened (HH) rail to Rail Vikas Nigam Ltd (RVNL) for the Kolkata Metro’s Joka-Esplanade corridor. HH rails are used in high-speed freight corridors and metro rail projects. In a statement, JSPL said the company was selected by RVNL after a bidding process to supply 3,000 tonnes of HH rails for Kolkata metro rail tracks. The shares of JSPL ended nearly 2% higher yesterday. SpiceJet and IndiGo SpiceJet's passenger load factor in July was at 70% up from 68% in June. However, the market share declined from 16.8% in June to 15.7% in July. Similarly, IndiGo's passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. The shares of SpiceJet and IndiGo ended over 2% and 12% higher, respectively, yesterday. Hindalco, Berger Paints, Glenmark Pharmaceuticals, Voltas These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" data-type="tilCustomLink">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

You Searched For "jspl" and got 12 results

Commercial mining of coal to create employment: JSPL

PTI

Jindal Steel and Power's share sink 2% after the company said it will sell stake in Oman subsidiary for over $1 billion

PTI

JSPL joins hand with Odisha government to fight Covid-19

PTI

Coronavirus: JSPL makes arrangements at plants, offices to safeguard employees

PTI

Naveen Jindal reveals that JSPL's steel exports have spiked since Covid-19 outbreak

Business Insider India

JSPL begins transportation of iron ore from Odisha mines

PTI

JSPL's coal gasification-based DRI plant in Odisha resumes operation

PTI

JSPL reports strong Q3 steel production, sales data

PTI

JSPL hopes to become debt free in 4 years: Naveen Jindal

PTI

Firms need to gear up to raise output for tapping steel markets ceded by China due to COVID-19: JSPL

PTI

Jindal Steel Shares Crashes After CBI Registers Another Case

BI India Bureau

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

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