Jindal SAW , a prominent player in the Indian steel industry, has reported that officials from the Competition Commission of India (CCI) visited their Delhi offices as part of an ongoing investigation. The visit, which took place on September 15-16, drew attention to the company's operations and market practices.

Investigation Details

According to a regulatory filing by Jindal SAW, the CCI officials conducted their investigation over a two-day period. The company stated that it has "extended full cooperation to the authorities during the course of their investigation." This proactive approach demonstrates Jindal SAW's commitment to transparency and compliance with regulatory procedures.

Company's Response

In line with its obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Jindal SAW promptly informed the stock exchanges about the CCI visit. The company's Company Secretary, Sunil K Jain, signed the official intimation, assuring stakeholders of the company's cooperation and transparency.

Jindal SAW has pledged to keep the stock exchanges updated on any further developments regarding this matter. This commitment to open communication is crucial for maintaining investor confidence and adhering to regulatory requirements.

Media Coverage

The investigation has not gone unnoticed by the media. Various news channels and media outlets have reported on the CCI's visit to Jindal SAW's offices, bringing the matter into the public eye. This media attention underscores the significance of the investigation and its potential implications for the company and the industry at large.

Implications and Next Steps

While the specific nature and scope of the CCI investigation remain undisclosed, such inquiries typically focus on ensuring fair competition and preventing anti-competitive practices in the market. As the investigation unfolds, stakeholders and industry observers will be keenly watching for any outcomes or further actions by the regulatory body.

Jindal SAW's stock performance and market position may be influenced by the ongoing investigation and its results. Investors and market analysts are likely to monitor the situation closely for any potential impact on the company's operations or market standing.

As this situation develops, Jindal SAW's commitment to keeping the stock exchanges and stakeholders informed will be crucial. The company's transparency and cooperation during this process will be key factors in maintaining trust and stability in its market position.

Note: This article is based on the latest available information as of September 16. Further updates may be provided as the investigation progresses.

Jindal SAW Limited , a leading manufacturer of iron and steel pipes, has reported a significant decline in its quarterly results while maintaining a strong order book.

Financial Highlights

• Total income declined 25% to Rs 33,268.00 million, compared to Rs 44,171.00 million in the same period last year
• EBITDA dropped 34% to Rs 5,596.00 million
• Profit after tax decreased 18% to Rs 3,640.00 million
• EBITDA margin compressed to 16.80% from 19.10% in the previous year

Operational Performance

Production Volumes

• Iron & steel pipes production down 11% to 389,000 MT
• Pellets production declining 25% to 321,000 MT

Sales Volumes

• Iron & steel pipes sales dropping 19% to 326,000 MT
• Pellets sales falling 46% to 222,000 MT

Reasons for Decline

The company attributed the decline to several factors:

1. Scheduled maintenance of blast furnace and pellet plant
2. Deferred export shipments due to military conflict in the MENA region
3. Increased receivables from domestic customers facing funding challenges

Order Book and Future Projects

Despite operational challenges, Jindal Saw maintains a strong order book of $1,305.00 million for pipes and pellets, expected to be executed over 9-12 months.

The company announced three new projects in UAE and Saudi Arabia with a combined investment of approximately $428.00 million:

1. Seamless pipe facility
2. HSAW pipe project
3. Ductile iron pipe project

Credit Ratings

CARE Ratings reaffirmed the company's credit ratings:

• CARE A1+ for short-term facilities
• CARE AA with stable outlook for long-term debt facilities

While facing current challenges, Jindal Saw's strong order book and strategic expansion plans indicate potential for future growth. However, the company will need to navigate ongoing operational issues and market uncertainties in the coming quarters.