Stainless Steel

Aeroflex Industries files draft papers to raise Rs 350 crore through IPO

Stainless steel flexible hose manufacturer Aeroflex Industries Ltd has filed draft papers with capital markets regulator Sebi to mobilise Rs 350 crore through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity shares by promoter entities -- Sat Industries and Italica Global FZC, according to the draft red herring prospectus (DRHP). The OFS comprises sale of 1.23 crore shares by Sat Industries Ltd and up to 52 lakh shares by Italica Global FZC. At present, Sat Industries owns 92.18 per cent stake in the company, while Italica Global FZC holds 6.52 per cent stake. Proceeds from the fresh issue will be utilised to the extent of Rs 35 crore for the payment of debt, Rs 84 crore for funding its working capital requirements, and a certain amount will be used for general corporate purposes and acquisitions for inorganic growth. According to merchant banking sour

UK's trade panel proposes lifting bar on Indian stainless steel

In its initial findings, the UK's Trade Remedies Authority (TRA) has proposed that a countervailing measure on imports of stainless steel bars and rods from India be revoked. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. The TRA set out in its Statements of Essential Facts (SEF) on Tuesday that revoking the measure would be unlikely to cause injury to the UK industry. "As part of its transition review, the TRA found that while there have been subsidised imports of the goods while the measure has been in place, and this will likely continue, injury to UK industry would be unlikely to recur if the measure was no longer applied," a UK government statement notes. "This was determined after the TRA found evidence suggesting that UK producers supply only limited amounts of these bars and rods to the UK market, with the majority of their production being exported. Therefore, the TRA found there

Crucial for India to secure its nickel needs, says Jindal Stainless MD

Firm's MD Abhyuday Jindal says next milestone after completing expansion would be to achieve 100% capacity utilisation, after which it may look at backward integration

Jindal Stainless Hisar Q2 profit after tax falls 49% to Rs 253 crore

Jindal Stainless (Hisar) Limited (JSHL) on Friday said its profit after tax fell 49 per cent year-on-year to Rs 253 crore in the second quarter ended September 30. The company had clocked Rs 498.58 crore profit after tax (PAT) during the same period of 2021-22, JSHL said in a statement. Its total income rose to Rs 3,957 crore from Rs 3,772 crore in the year-ago quarter. "During Q2, raw material prices saw a downward trend, with nickel prices falling by 24 per cent quarter-on-quarter (q-o-q) and those of ferrochrome by 18 per cent q-o-q. This impacted the realisation and profitability of domestic manufacturers, including JSHL," the statement said. JSHL Managing Director Abhyuday Jindal said the Indian stainless steel industry has suffered a setback due to the export duty levied by the government in May. This duty comes at a time when the domestic market is being dumped with substandard stainless steel imports from China and Indonesia. The industry has made several presentations to

Jindal Stainless to supply 3,500 tonnes steel for USBRL tunnel project

Jindal Stainless will supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project coming up in Jammu and Kashmir. 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 J&K. We congratulate Railways 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,

Domestic stainless steel demand expected to reach 20 MT by FY47: Report

Domestic stainless steel demand is expected to reach 20 million tonne (MT) by fiscal year 2047, according to a report.

European Union hikes tariffs on India, Indonesia stainless steel makers

The European Union has determined that imports of cold-rolled flat stainless steel products from India and Indonesia benefit from unfair subsidies and imposed tariffs

Shanghai stainless steel futures fall on weak downstream demand

Other steel prices on the Shanghai bourse slipped as well

JSHL Q4 net grows over three-folds to Rs 350 crore on increased income

Jindal Stainless Hisar Ltd (JSHL) on Tuesday reported an over three-fold jump in its consolidated net profit at Rs 350.65 crore for the quarter ended March 31, mainly on account of increased income.

Govt extends anti-dumping duty on certain steel items till December 4

While DGTR recommends the duty to be levied, the finance ministry imposes it

PPMAI urges govt to ban non-standard stainless steel for consumer ware

The non-standard grades of stainless steel are currently being used for consumer ware, including utensils in the country

India to probe subsidised stainless steel imports from China, Vietnam

The Directorate General of Trade Remedies, which falls under the trade ministry, said there was "prima facie" evidence of subsidies that were hurting the domestic industry

For supplying nil rated items, registration is not compulsory: Expert

If you are exclusively making supplies of nil rated items, registration is not compulsory, even if you are making inter-state supplies

India may impose anti-circumvention duty on steel items from 7 countries

Govt resumed investigations into circumvention of anti-dumping duties

Nickel import duty cut to make stainless steel cheaper by 2%

Stainless steel industry uses nickel up to 8% for manufacturing industrial and utensil grade materials

Govt urged to freeze stainless steel quality order

Only five stainless steel manufacturing plants have got BIS certification since the government order was issued in June, MSSMA said