Jindal Stainless unpledges shares

Jindal Stainless (JSL) announced that its shares were no longer pledged with banks. In a statement, the stainless steel maker revealed that equity shares of the company held by promoters and the promoter group would now be free from any encumbrances. The significance of this move lies in JSL's emergence from a decade-long corporate debt restructuring (CDR) in 2020, and its subsequent focus on cost optimization. As of the end of the fiscal year 2022-23, the company's net debt amounted to Rs 25.91 billion. The consolidated profit after tax (PAT) reached Rs 20.84 billion, with total revenue standing at Rs 356.97 billion. JSL has consistently advocated for the imposition of import duties to counter the dumping of finished Chinese steel products. The company highlighted that the influx of approximately 200 stainless steel products from China and Indonesia is eroding the profit margins of Indian producers.