Hit by the dramatic rise in finance costs and rupee depreciation, Jindal Stainless' (JSL) reported a net loss of Rs 412 crore for the second quarter ended September 30, 2013. Also, the Company holds a conservative outlook on the domestic stainless steel industry due to continuing high inflation, large fiscal and current account deficits and a volatile currency. However, stainless steel industry can be expected to grow about 8-9 percent in spite of various odds, only if the government is able to correct the unfavorable duty structure on the import of steel scrap. China's seamless pipe output up by 5% in September.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=66879&division=A6
