Jindal Stainless regains its footing with export orders in May-June

India's largest stainless steel producer, Jindal Stainless Limited (JSL) declared that it has bounced back in terms of export volumes in the months of May and June 2020 by ramping up production in global markets. The steel giant's strategic initiative to recapture volumes in the export market has led to progressive results.

In May, JSL despatched export orders of over 12,000 tonnes, comprising over 40 per cent of the entire share of its despatches, whereas in a normal month, this percentage hovers around 18-20 per cent. In June, the company expects to despatch more than 18,000 tonnes, thus taking the export volume back to that in a pre-COVID-19 period.

Since the reopening of its manufacturing facilities in the first week of May, the company has been gradually enhancing its operations. Towards the end of May, JSL's downstream facilities were operating at about 60 per cent of its installed capacity while the overall capacity utilization reached about 40 per cent. The company stated that it will boost productions in June with the gradual easing out of the lockdown and is closely coordinating with local authorities for the uninterrupted operations and smooth flow of goods.

Abhyuday Jindal, Managing Director of JSL, while speaking on the development stated that the company was aggressively chasing export markets in the EU and Russia, which constitute the bulk of its export volumes, while also looking afresh at other markets like South America and Korea to maximise exports.

The stock was trading at Rs 31 at 12.30 pm on Thursday, down by 1.59 per cent or Rs 0.50 per share. The 52-week high is recorded at Rs 47.25 and the 52-week low is Rs 22.30 on BSE.