Jindal Stainless begins second phase of pipe & tube co-branding initiative
The largest stainless steel manufacturer in the country, Jindal Stainless Limited announced the launch of the second phase of its nationwide pipe & tube (P&T) co-branding program called Jindal Saathi 2.0 on Thursday.
The second phase of this initiative comes after the success of phase 1, which was launched by the company in July 2019, to address the issue of counterfeiting in the stainless steel P&T market.
The company aims to increase its market share in the P&T segment by the end of FY2021-22. According to the industry estimates, the current market size of the P&T segment is approximately Rs 7,000 crore and is growing at a rate of 10-12 per cent annually.
Commenting on the launch of Phase 2 of its co-branding initiative, Managing Director, Jindal Stainless Limited, Abhyuday Jindal stated that the first phase of Jindal Saathi campaign has by far exceeded their expectations as the company has been able to bring down the share of counterfeit supplies in the market from 25 per cent last year to 20 per cent this year.
The growth potential of the stainless steel P&T segment in India is vast and growing. In a rapidly urbanising country, stainless steel proves to be the most sustainable and optimum choice, as it offers longer life, lower lifecycle cost, low maintenance requirement, unmatched aesthetic appeal, along with being fully recyclable. The stainless steel decorative P&T is used in key segments like architecture, building & construction (ABC) and automobile, railways & transport (ART). Stainless steel is also the most preferred material for coastal infrastructure, which requires high corrosion resistance and strength. With the government’s increased focus on Atmanirbhar infrastructure development, this segment is poised to grow further.
At 11.30 am on Friday, the stock of Jindal Stainless Limited was trading at Rs 52.15 per share, down by 2.61 per cent or Rs 1.40 per share on BSE, against a 0.48 per cent gain in the benchmark index. The 52-week high is recorded at Rs 58.25 and the 52-week low is Rs 22.30 on BSE.