Latest news with #O.P.JindalGroup
Business Recorder
23-05-2025
- Business
- Business Recorder
India's JSW Steel misses quarterly profit view on weaker prices
India's JSW Steel, the country's top steelmaker, reported a smaller-than-expected rise in fourth-quarter profit on Friday, hurt by weak steel prices. Its consolidated net profit stood at 15.03 billion rupees ($176 million) for the quarter ended March 31, below analysts' average estimate of 15.66 billion rupees, as per data compiled by LSEG. The O.P. Jindal Group company logged a one-time charge worth 440 million rupees, related to duty on assets bought by its green steel unit. Its results come a month after the government imposed a temporary 12% tax on some steel imports, known locally as a safeguard duty, to protect local producers struggling with surging cheap imports from China, Japan and South Korea. Domestic steel mills have had to scale down operations and consider job cuts due to a surge in these imports. As a result, JSW Steel's total revenue from operations declined 3% to 448.19 billion rupees, missing analysts' average estimates of 449.38 billion rupees, according to data compiled by LSEG. Top Indian court scraps JSW Steel's bid to acquire Bhushan Power, case lawyers say Earlier this month, India's top court quashed JSW Steel's resolution plan to acquire Bhushan Power and Steel four years after the takeover was completed, and ordered the liquidation of the debt-ridden firm. JSW Steel, which said it sees no impact from the order, said on Friday that 'no provision is required to be made for the net assets included in the consolidated financial results'. Additionally, the company approved the issuance of equity shares or any convertible securities worth up to 70 billion rupees, and another 70 billion rupees via the issue of non-convertible debentures (NCDs).
Reuters
08-05-2025
- Business
- Reuters
India's stainless steel body to file anti-dumping petition in few weeks, Jindal Stainless says
May 8 (Reuters) - India's Jindal Stainless ( opens new tab said on Thursday a domestic trade body will soon seek anti-dumping duties on stainless steel imports from China and Vietnam, weeks after India levied a 12% temporary safeguard duty on some steel imports to support local mills. The earlier tariff move was aimed at helping Indian producers who were forced to scale down operations and consider job cuts due to a surge in cheaper shipments from China, South Korea, and Japan. Stainless steel was not included in the products covered by the temporary tariff. "Data shows that there is dumping happening from China and Vietnam," Managing Director Abhyuday Jindal said in a post-earnings call, adding that shipments from the countries were coming to India at "throwaway prices". "The threat is very clear," Jindal added. The O.P. Jindal Group company reported an 18% on-year rise in consolidated profit after tax to 5.9 billion rupees ($69.03 million) for the quarter ended March 31. Net revenue grew 8% to 101.98 billion rupees. Domestic sales rose to 92% of total revenue in the quarter from 89% a year earlier, while exports fell to 8% from 11%. However, the company said it is expecting exports volumes to grow by 30% in financial year 2025-26. The U.S. tariffs on steel gives the company a level-playing field with other countries in the export market, Jindal said. "We are expecting growth in the U.S. business due to the tariffs," he added. Earlier this year, U.S. President Donald Trump, imposed 25% tariffs on steel and aluminium products from all countries. Additionally, Jindal Stainless' sales volumes grew 9% to 2.37 million tons in financial year 2025. It expects the volumes to grow at 9%-10% in fiscal 2026. ($1 = 85.4720 Indian rupees)
