The Business Bytes
TBB BUREAU
NEW DELHI, FEBRUARY 9, 2022
Notwithstanding low railway rake availability, Naveen Jindal-led Jindal Steel and Power (JSPL) on Wednesday reported that its steel sales volume registered a year-on-year growth of 20 per cent to 6.95 lakh tonnes in January this year, as compared to 5.81 lakh tonnes in January 2021.
“We have surpassed our targets for the last calendar year, and we are confident that we will also achieve our envisaged targets for the financial year. We firmly believe in India’s growth story, which is expected to grow for FY22 at 9.2 per cent, which will be the highest amongst major economies, and for FY23, GDP is also estimated to be robust at 8.0-8.5 per cent,” JSPL Managing Director V R Sharma said.
Marginal improvement in rake availability during the month under review, resulted in export share rising to 31 per cent, from 28 per cent in December 2021.
“We would like to thank the government of India for the announcements made in the Budget with regards to coal gasification, coal to liquid initiative and extension of manufacturing timeline for claiming 15 per cent concessional income tax rate on green field projects to March 31, 2024 are highly appreciated,” Sharma said.
The government’s push on infrastructure and increase in outlay for capital expenditure will support growth for steel, cement and other related sectors in the coming year, he added.
Jindal Steel and Power is a leading infrastructure conglomerate with a presence in the steel, power and the mining sector.
