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Wednesday, November 19, 2014

Jindal Steel and Power Ltd: Buy
CMP: Rs.158.70
In a move to curb needless imports, the finance ministry has directed that Specific Chinese Steel Products must be subjected to stringent quality checks before allowing them to enter the country’s hinterland. The move is aimed at Chinese steel makers exporting steel by adding boron in their product mix to bypass the defined quality standards of the steel ministry’s Quality Control Order 2012 and the commerce ministry’s import duty.

The Indian Express had reported on September 18 that steel ministry had expressed serious concerns over the burgeoning steel imports from China which during the second quarter of 2014-15 exceeded “the historic (quarterly) high” of 90 million tonnes.

Moreover, the Economic Times, on 13 November, 2014 reported: 
Domestic steelmakers threatened by growing volumes of Chinese steel imports are likely to get some relief soon. Steel and mines minister Narendra Singh Tomar on Wednesday said the government is mulling an increase in import duty, days after the finance ministry issued a customs notification banning import of specific steel products like re-bars and reinforcement bars as alloy steel bars without prior certification from Bureau of Indian Standards (BIS).
Also, the company came out with decent set of numbers, for Q2FY15. On a Standalone basis, for the Quarter ended September 30, 2014, the Company posted a net profit of Rs.2872.80 million as compared to Rs.2566.80 million for the quarter ended September 30, 2013. Total Income has decreased marginally from Rs.35296.40 million for the quarter ended September 30, 2013 to Rs.32220.90 million for the quarter ended September 30, 2014. 

The Consolidated Results are as follows: The Group has posted a net profit/(loss) after taxes, minority interest and share in profit/(loss) of associates of Rs.4418.30 million for the quarter ended September 30, 2014 as compared to Rs.4520.70 million for the quarter ended September 30, 2013. Total Income has increased from Rs.48371.30 million for the quarter ended September 30, 2013 to Rs.51831.80 million for the quarter ended September 30, 2014. 
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