Jindal Stainless statement on spike in prices of Nickel

Statement by MD, Jindal Stainless, Mr. Abhyuday Jindal on impact of Russia-Ukraine war on business

"Among other uncertainties that the world is currently facing, we are witnessing never-seen before spikes in prices of Nickel. As a proactive step to address volatility and contain risk, we continue to follow a prudent risk management policy to sync our sales order and raw material booking on a real time basis through increased coordination between our supply chain stakeholders.

As of now, the Company has a healthy order book. We are also maintaining our focus on exports as we've done in the last few quarters. Besides, majority of the Company's orders come from long term quantity contracts with our customers. We have a diversified mix of portfolio between high nickel as well as low or no nickel product range. Our production lines are capable of churning out flexible product mix in line with the market demand and raw material availability.

The whole situation is an evolving one and we're closely monitoring it with our robust risk management practices. Russia commands about 6-8% of the refined Nickel production of the world. Our dependence on Russia for raw material sourcing is relatively very less since we source majority of our nickel from Scrap and NPI. These are majorly sourced from within India, from far-east countries such as Indonesia, and some quantities from Europe."

Shares of Jindal Stainless Limited was last trading in BSE at Rs. 187.80 as compared to the previous close of Rs. 188.85. The total number of shares traded during the day was 345284 in over 5406 trades.

The stock hit an intraday high of Rs. 197.50 and intraday low of 180.45. The net turnover during the day was Rs. 65664770.00.

Source : Equity Bulls

Keywords

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