JINDAL STAINLESS LTD
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BSE Code:
532508
NSE Code:
JSL
Business Profile
Business Profile
Jindal Stainless (JINDSTAIN), incorporated in 1970, has grown from an indigenous single-unit steel plant in Hisar (Haryana) to the present multi-national and multi-product steel conglomerate. Jindal Stainless, a $780 million company is the flagship of the Jindal Organization.
The company`s principal activity is to manufacture stainless steel and is an exclusive producer of stainless steel strips for making razor and surgical blades in India. Besides supplying CR strips to the government of India, the plant at Hisar houses a coin blanking line for supply of coin blanks to the Indian mint and mints in the global markets. Some of the services offered are customized products, inventory management services, technical value engineering services, warehousing and material testing.
The company has two subsidiaries, PT Jindal Stainless in Indonesia and Jindal Stainless Steelway, a joint venture with Steelway Italy. Jindal is the largest integrated manufacturer of quality stainless steel in India with a market share of 40%.
Jindal also plans to set up a greenfield integrated stainless steel project in the state of Orissa with capacity of 1.6 million tons per annum. The company also plans development of superferritic stainless steel for auto and marine sector.
Financials
The company swung to loss for the quarter ended December 2008. During the quarter, the company reported loss of Rs 3,783.80 million compared with a profit of Rs 506.00 million in the same quarter last year. Net sales declined 37.60% to Rs 8,415 million, while total income for the quarter fell 38.02% to Rs 8,467.80 million, when compared with the prior year period. It reported loss of Rs 23.43 a share during the quarter compared with earnings of Rs 3.56 a share in previous year period.
Recent Developments
17-MAR-09
CARE revised the rating assigned to the long-term bank facilities and non convertible debenture (NCD) issue of the company from AA- to BBB.