Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

JSL Stainless Expects Lower Import Duty to Boost Profitability

Don't Miss Out —
Follow us on:

Feb. 28 (Bloomberg) -- India’s plan to cut customs duty on stainless steel scrap and ferronickel, both key ingredients in making the rust-proof alloy, will help the industry boost profitability, JSL Stainless Ltd.’s Arvind Parakh said.

The country proposes to free imports of stainless steel scrap and halve taxes on inputs for ferroalloys to 2.5 percent, Finance Minister Pranab Mukherjee said in his budget speech today.

“In a way both our wishes have been fulfilled,” Parakh, finance director at JSL Stainless, the country’s largest manufacturer, said by phone. “It will help stainless steelmakers reduce cost of production by $15 to $17 a ton.”

The company’s shares rose as much as 4 percent to 90.5 rupees, the most since Feb. 11, and traded at 86.7 rupees at 3:03 p.m. local time.

India’s stainless steel makers rely on scrap as it helps them lower the cost of production, Parakh said.

Link to Company News: {JDSL IN <Equity> CN <GO>}

To contact the reporter on this story: Rajesh Kumar Singh in New Delhi at rsingh133@bloomberg.net

To contact the editor responsible for this story: Andrew Hobbs at ahobbs4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.