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ICICI Securities Report
Jindal Stainless Ltd. management meeting takeaways include:
exports can be maintained at 16,000 total productive maintenance (down from peak run-rate of 30,000 tpm) despite the export duty of 15%, mainly on account of higher margins in the U.S.
blast furnace capex in Jindal United Steel Ltd. is being reconsidered; leverage, holding on to the environmental benefits of running a secondary steel operation and investor feedback has played its part in our view,
merger of Jindal United Steel into Jindal Stainless is also being considered in order to avoid the recurring need for approvals in annual general meetings, as well as the scrutiny on related-party transactions.
As the decisions are being finalised, we expect further disclosure on the same. Given the current export run-rate, and post the imposition of export duty, management expects 5-10% YoY reduction in volumes, which we have factored in our estimates.
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