Construction Industry News
Jindal Steel and Power reported a significant recovery in steel sales on Wednesday, despite the low availability of rail rakes, highlighting that sales volume in January this year grew 20 percent year-over-year to 6.95 lakh tons.
Inventories continued to fall for the second month in a row and the company posted steel production of 6.82 lakh tons.
Sales volume increased 20 percent year-on-year to 6.95 lakh metric tons, compared to 5.81 lakh metric tons on Jan. 21, the company said in a statement.
We have exceeded our targets for the past calendar year and we are confident that we will also meet our target targets for the fiscal year.
We strongly believe in India's growth story, which is expected to grow at 9.2 percent for FY22, which will be the highest of the major economies, and GDP is also estimated at a robust 8.0-8.5 for FY23. percent, the company said. That says director VR Sharma in a statement.
The marginal improvement in rake availability during the reported month saw export shares jump to 31 percent, from 28 percent in December last year.
We would like to thank the Government of India for the budget announcements regarding coal gasification, the coal-to-liquid initiative and the extension of the production timeline for claiming 15% discounted income tax on greenfield projects until March 31, 2024. appreciated, said Sharma.
Government pressure on infrastructure and raising capital expenditures will support growth for steel, cement and other related sectors in the year ahead, he added.
The company is a leading infrastructure conglomerate with presence in the steel, energy and mining sectors.
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