Jindal Steel , a major player in the Indian steel industry, has voiced support for a proposed import tax aimed at reducing steel imports into the country. The company's Co-Chairman expressed optimism about the potential effectiveness of this tax measure in controlling import volumes.

Support for Import Tax

The Co-Chairman of Jindal Steel stated that the proposed import tax would be an effective tool in curtailing steel imports into India. This statement underscores the company's stance on protecting domestic steel production and potentially boosting the local steel industry.

Anticipated Impact on Import Volumes

According to the company executive, the implementation of the import tax is expected to have a significant impact on the volume of steel imports. The Co-Chairman's confidence in the measure suggests that it could lead to a substantial reduction in foreign steel entering the Indian market.

Implications for the Indian Steel Industry

The support from a leading steel manufacturer like Jindal Steel for this proposed tax highlights the industry's concerns about import competition. If implemented, this measure could potentially level the playing field for domestic steel producers and influence the dynamics of the Indian steel market.

While the specifics of the proposed import tax, including its rate and implementation timeline, were not detailed in the statement, the backing from industry leaders signals a potential shift in India's steel import policy. Stakeholders in the steel sector will likely be watching closely for further developments on this proposed measure and its potential effects on both domestic production and international trade in steel.

Jindal Steel has received a significant boost in its capabilities to serve the defence sector. The Defence Research and Development Organisation (DRDO) has transferred three advanced material technologies to JSPL, enabling the company to produce DMR-1700 steel sheets and plates for defence applications.

Technology Transfer Details

The technology transfer agreement between DRDO and JSPL marks a crucial step in enhancing India's domestic defence manufacturing capabilities. This collaboration will allow JSPL to manufacture specialized steel products that meet the stringent requirements of the defence sector.

Implications for JSPL

This development is expected to have several positive implications for JSPL:

1. Expanded Product Portfolio: The ability to produce DMR-1700 steel sheets and plates adds a high-value product to JSPL's offerings.
2. Entry into Defence Sector: This technology transfer positions JSPL as a key player in the supply chain for defence materials.
3. Potential Revenue Growth: As JSPL enters the specialized defence materials market, it may lead to new revenue streams for the company.

Recent Corporate Actions

While not directly related to the DRDO technology transfer, it's worth noting that JSPL has seen some recent changes in its shareholding pattern. According to the latest LODR (Listing Obligations and Disclosure Requirements) data:

• Jindal Power Limited, a promoter group entity, acquired 88,124 equity shares of Jindal Steel Limited.
• This acquisition increased Jindal Power Limited's shareholding from 1.17% to 1.18% of the total share capital.

Conclusion

The technology transfer from DRDO to JSPL represents a significant opportunity for the company to contribute to India's defence manufacturing capabilities. As JSPL moves forward with the production of DMR-1700 steel, investors and industry observers will be keen to see how this new capability translates into business growth and strategic positioning in the defence sector supply chain.