Jindal Steel and Power Ltd (JSPL) successfully closed their Rs 1,200 crore qualified institutional placement (QIP) recently. In an interview with CNBC-TV18, Naushad Akhter Ansari, CEO, Steel Business of JSPL spoke about the latest happenings in his company and sector.
Jindal Steel and Power (JSPL) is on our radar today after it reported its third quarter earnings. In an interview to CNBC-TV18, Naushad Akhter Ansari, CEO-Steel Business at JSPL discussed the company's Q3 performance.
JSPL will raise Rs 1,000 crore via qualified institutional placement (QIP) in February, that is the word coming from Chairman Naveen Jindal. Speaking to CNBC-TV18's Anshu Sharma Jindal adds the company will also raise equity for Oman operations.
In an interview to CNBC-TV18, Naushad Akhter Ansari, CEO-Steel Business at JSPL spoke about the oxygen furnace installation at Angul and gave his outlook for the future.
CNBC-TV18 caught up with Naushad Akhter Ansari, CEO-Steel Business of JSPL. He said that their EBITDA per tonne was flat on a sequential basis but more importantly said that deal with JSW Energy is definitely on.
Jindal Steel & Power (JSPL) had a good day in trade on Monday after receiving over Rs 1,100 crore in divestment of its oxygen plant assets at Raigarh and Angul units.
Going forward aim to take the plant load factor (PLF) to 60 percent from the current 45-50 percent range, said Ravi Uppal, MD & CEO, JSPL.
Jindal Steel and Power's (JSPL) Q1 earnings came in better than estimates with the consolidated net loss narrowing while the power business outperformed. In an interview to CNBC-TV18, Ravi Uppal, MD & CEO of JSPL spoke about the results and his outlook for the company.
Jindal Steel & Power (JSPL) expects three million tonne of annual production from the Angul plant, said Naveen Jindal, Chairman of the company.
Expect higher domestic steel sales in FY18 to the tune of 6 million tonnes as compared to FY16 sales of 4.66 million tonnes, said Ravi Uppal, MD & CEO, JSPL.
In an interview with CNBC-TV18, Naveen Jindal, Chairman, JSPL confirmed that they have no plans of selling the steel business.
"First step is to make sure that we do not add any debt and second is to reduce the debt through a gradual process". At the end of FY18, the debt should be reduced by about Rs 3,000 crore, Ravi Uppal, MD & CEO of JSPL told CNBC-TV18.
Speaking to CNBC-TV18, Ravi Uppal, MD and CEO of JSPL, said that increased volumes, higher net sales realisations and reduction in costs in JSPL's steel business had helped the company put up a positive show in the third quarter.
Speaking to CNBC-TV18, Naveen Jindal, Chairman said with better results, improving EBITDA combined with blast furnace starting production the company is will see a big jump in debt reduction.
See an improvement in EBITDA per tonne at an average of Rs 7500 versus Rs 6000 per tonne in first half of FY17, said Ravi Uppal, MD & CEO, JSPL.
Speaking to CNBC-TV18 Seshagiri Rao, Joint MD & Group CFO at JSW Steel said that the company will see an impact due to higher coking coal prices in the coming quarter.
Ravi Uppal, MD & CEO of Jindal Steel and Power says steel prices have been hiked to compensate for higher cost of production due to rising input costs. Prices of raw materials like coking coal anf pellet have shot up.
In an interview with CNBC-TV18, Ravi Uppal said that the raw material costs for coking coal has gone up by nearly three times from the lows it saw earlier this year and this rise in raw material price is affecting input costs and the company plans to pass on the price burden progressively to consumers.
In an interview with CNBC-TV18, Ravi Uppal, MD and CEO of JSPL said that net steel relaisations took a beating in the first quarter due to weak demand and May, June have seen a sharp drop in prices.
Specifically talking about Ramchandi coal block, the MD & CEO of Jindal Steel & Power (JSPL), Ravi Uppal said that the coal block was never used by the company. However, the project related to that was cancelled post deallocation of the block.
Jindal Steel & Power expects the government to extend the minimum import price (MIP) levied on certain steel products to others such as scrap, MD Ravi Uppal says.
The steel industry is joining forces seeking an extension of minimum import price which is slated to expire in August.
Power as well as steel sector continue to be in a downtrend. If MIP is removed, some other protective mechanism for steel sector must be there, says Ravi Uppal, MD & CEO of JSPL.
On February 5, the government imposed minimum import prices (MIP) on steel products for a period of six months in a bid to stop the deluge of cheap imports.
The company is also looking to sell non-core assets worth nearly Rs 3,000 crore to deleverage its balance sheet, says Ravi Uppal, MD & CEO of Jindal Steel and Power (JSPL).