JSL

** Shares of Jindal Stainless JIST.NS fall 3.5% to 603.9 rupees

** Multiple brokerages cut the stock's price target, citing demand concerns after meeting with the JIST's management

** Investec reiterates "buy", but cuts target price to 815 rupees from 870 rupees, citing a weak demand environment that could likely hurt volumes and delay downstream projects

** Cuts operating profit estimates by 7%-9% for fiscal years 2025-2027

** Nuvama lowers target price to 723 rupees from 836 rupees, citing JIST's conservative guidance of 9%-10% volume growth in FY 2026

** Expects the stock to be under pressure due to near-term earnings weakness

** Average rating of the 10 analysts tracking JIST is a "strong buy"; median target price is 828 rupees, ~37% higher than current levels, according to data compiled by LSEG

** JIST shares are down 14% in 2025 so far, compared with a 7% jump in metal sub-index .NIFTYMET, according to exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 6 (Reuters) - Jindal Stainless Ltd JIST.NS:

• COMPLETES DIVESTMENT OF 26% STAKE IN JINDAL COKE

• RECEIVES 1.95 BILLION RUPEES FROM DIVESTMENT

Source text: ID:nBSE1hVNgC

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Feb 27 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS LTD - APPROVES ACQUISITION OF AGH DREAMS AND UTKRISHT DREAM VENTURES

Source text: ID:nNSE1rVv15

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Jan 29 (Reuters) - Indian steelmaker Jindal Stainless JIST.NS reported a 5.3% fall in third-quarter profit on Wednesday, hurt by lower prices amid discounted imports from China as well as rising expenses.

The company's consolidated profit after tax declined to 6.54 billion rupees (about $76 million) for the quarter ended Dec. 31 from 6.91 billion rupees a year earlier.

Indian steelmakers have been battling an influx of discounted Chinese steel, with shipments hitting an all-time high during the April-December period.

Jindal Stainless said the dip in profit happened as stainless steel prices have been declining globally, while incessant low-priced imports pressured margins in both domestic and export markets.

Its earnings before interest, taxes, depreciation, and amortization fell to 12.08 billion rupees in the quarter, down 5.3% on-year.

Domestic sales grew 20% in the quarter, driven by higher sales to the automobile industry, while exports fell 22%.

The company's net revenue rose 8.5% to 99.07 billion rupees, while total expenses jumped 10% to 91.02 billion rupees.

($1 = 86.5280 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Jindal Stainless JIST.NS rise 3.2% to 626.05 rupees; set to snap four-session losing streak

** Brokerage Nuvama upgrades rating to 'buy' from 'hold' and raises PT to 836 rupees from 756 rupees

** Export demand, which is temporarily weak, is likely to pick up in FY26, brokerage says

** Cites normalcy in freight rates and expectations of increasing investment and infra spending after U.S. regime change

** Nuvama expects improvement in profitability from improved volumes, product mix and recovery in export market from FY26

** Profitability was hurt by weakness in export demand and higher supply in domestic market, note says

** Avg analysts' rating on stock is a 'strong buy' with median price target at 864.50 rupees - LSEG

(Reporting by Vijay Malkar)

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By Jessica DiNapoli and Richa Naidu

NEW YORK, Dec 5 (Reuters) - Procter & Gamble PG.N has overhauled its supply chain for the tiny, extra-thin strips of stainless steel in its Gillette razors to source from India, a move expected to help protect its margins from any tariffs U.S. President-Elect Donald Trump may impose.

The stainless steel the Gillette-brand razor maker uses is highly specialized to prevent nicks and cuts and is only produced in large quantities by a handful of companies, none of which are located in the U.S., P&G has told the U.S. Commerce Department in public filings.

A Reuters analysis of import records over the past four years shows that P&G has shifted where it buys the stainless steel for its top grooming brands in the United States, its biggest market, to a cheaper Indian manufacturer, a move that may help it offset higher costs in Trump's second term.

The Cincinnati-based company now primarily obtains the steel for Gillette from New Delhi-based Jindal Stainless, JIST.NS according to the U.S. import records for P&G subsidiaries, including Gillette.

Investors view P&G as a top operator in the competitive consumer products industry, with its margins exceeding those of rivals like Kimberly-Clark. KMB.N

It's a pattern P&G hopes to keep after Trump takes office in early 2025. During his first term, P&G faced $1.4 billion in external costs including tariffs that ate into profits.

A P&G spokesperson confirmed that the company has worked with Jindal, adding that details of its relationships with business partners are competitively sensitive. A spokesperson added that "it would not be accurate to point to cost as the sole driver of any sourcing decision."

Previously P&G bought mostly pricier Japanese and Swedish steel for Gillette, according to the import records, provided exclusively to Reuters by ImportYeti. Hefty tariffs during Trump's first term added to the costs of Japanese and Swedish steel, although P&G eventually secured an exemption from them.

Trump, who has said "tariff" is his favorite word, has pitched a fresh roster of tariffs, targeting China, Mexico and Canada, putting consumer-product makers on the defensive.

P&G's Chief Financial Officer Andre Schulten said during meetings with investors on November 21 that the company will have to adjust its supply chain as it sees how Trump implements tariffs. Despite years of underperformance, recent strategies to improve its grooming business have been working, the division's CEO, Gary Coombe, said.

Making steel for shaving razors is labor-intensive, giving Indian manufacturers an edge on cost, said Markus Moll, managing director at Steel & Metals Market Research, an independent market research company. He estimates Jindal's steel is about 20-25% cheaper than competitors.

He added that Jindal has been manufacturing the material for about 15 to 20 years for Indian clients.

Jindal, which says it is the world's biggest maker of stainless steel for razor blades, has mainly supplied non-U.S. markets, an industry executive not permitted to speak to the media, said. Although Jindal has long had a relationship with P&G, P&G's imports from Jindal to the U.S. began in 2022, according to the records from ImportYeti, which compiles bills of lading. P&G imported at least 4,283,569 kilograms (4,721 U.S. tons) of stainless steel from Jindal over the past 36 months, according to the data.

Jindal did not comment specifically on the steel used in razor blades, P&G or its Gillette razors. Abhyuday Jindal, managing director of Jindal Stainless, said in a statement that the manufacturer works with its customers to "create value in their business and using pricing as a lever is our last priority."

Earlier this year, P&G said Jindal was a top supplier that "consistently performed at high levels," according to an internal company blog. The P&G spokesperson said that P&G constantly seeks new suppliers globally that can meet its needs, and that very few do. P&G has not made any substantive changes to its core suppliers, the spokesperson said.

According to the data reviewed by Reuters, P&G has cut back on its imports from Japan's Proterial and Sweden's Alleima ALLEI.ST. In this year through October, its imports from Proterial were nearly 59% less than in 2023, while P&G has received no steel shipments from Alleima this year, the data shows.

Gillette has been working with Proterial for more than 50 years, and Alleima for over 20, according to filings with the U.S. Commerce Department.

Alleima did not respond to requests for comment. Proterial declined to comment.

Grooming, P&G's smallest business by revenue, has faced years of struggles. During the pandemic, sales declined as men grew beards and shaved less. Before that, start-ups like Dollar Shave Club and Harry's were able to grab valuable market share from pricier Gillette. A four-pack of Gillette Labs Men's Razor Blade refills sells for nearly $29 at TGT.N Target.com, according to the retailer's website.

(Reporting by Jessica DiNapoli in New York and Richa Naidu in London; Editing by Vanessa O'Connell and Anna Driver)

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** Shares of Jindal Stainless JIST.NS fall as much as 3.9% to 730.5 rupees

** The stainless steel maker's Q2 consol profit after tax fell 20% YoY to 6.09 bln rupees ($72.5 mln), Q2 revenue marginally down at 97.77 bln rupees

** Stock set to fall for third straight week

** More than 1 mln shares traded, 1.6x times their 30-day moving avg

** Avg rating of the nine analysts is "buy" and median PT is 859 rupees, ~16% higher than current price - LSEG data

** JIST up 29.7% YTD, set to rise for sixth straight year

($1 = 84.0440 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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NEW DELHI, Oct 17 (Reuters) - India's Jindal Stainless JIST.NS is targeting increasing sales in Canada if the North American country imposes duties on Chinese products, Managing Director Abhyuday Jindal said on Thursday.

"If this duty comes on China then we will be able to push even more volumes into Canada," Jindal said at a post-results news conference.

(Reporting by Neha Arora in New Delhi, writing by Manvi Pant; Editing by Savio D'Souza)

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Sept 30 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS - PARTNERS WITH CJ DARCL

• JINDAL STAINLESS - JINDAL STAINLESS PARTNERS WITH CJ DARCL

• JINDAL STAINLESS - TO DEVELOP LIGHTWEIGHT AND SUSTAINABLE STAINLESS STEEL CONTAINERS

Source text for Eikon: ID:nBSE81rgfz

Further company coverage: JIST.NS

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Sept 5 (Reuters) - Jindal Stainless Ltd JIST.NS:

• SUPPLIES STAINLESS STEEL FOR VANDE BHARAT SLEEPER TRAIN

Source text for Eikon: ID:nBSE69bHvQ

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Aug 14 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS COMMISSIONS ITS NICKEL PIG IRON FACILITY IN INDONESIA AHEAD OF SCHEDULE- STATEMENT

• JINDAL STAINLESS COMMISSIONS INDONESIA NICKEL PIG IRON FACILITY 8 MONTHS AHEAD OF TIMELINE

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Aug 12 (Reuters) - Jindal Stainless Ltd JIST.NS:

• CO ACCREDITED AS QUALIFIED VENDOR BY BRAHMOS AEROSPACE

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July 25 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS - TO CONSIDER PROPOSAL FOR RAISING OF FURTHER CAPITAL

Further company coverage: JIST.NS

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** Shares of Jindal Stainless JIST.NS fall as much as 8.5% to 625 rupees, last down 1.6%

** India's biggest stainless steel maker by volumes reports a 34.6% fall in Q4 profit on softer steel prices

** JIST on track for second straight session of losses; it had gained 21% in March-qtr for seven consecutive quarterly gains

** More than 2.5 mln shares change hands, nearly two times the 30-day avg

** Eight analysts covering the stock on average have a "buy" rating; median PT is 738.50 rupees - LSEG data

** Stock up ~17% YTD, had more than doubled in 2023 for fifth straight year of gains

(Reporting by Dimpal Gulwani in Bengaluru)

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May 15 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS EXEC: EXPECT FY25 CAPEX 47 BILLION RUPEES, TO BE MOSTLY MET VIA INTERNAL ACCRUALS

• JINDAL STAINLESS EXEC: SEEING SOME RECOVERY IN SOME PRODUCT CATEGORIES IN EUROPE, U.S. EXPORTS MARKET YET TO RECOVER

• JINDAL STAINLESS EXEC ON RED SEA CRISIS: SHIPPING TIME HAS INCREASED, CONTAINER AVAILABILITY IS A CHALLENGE

• JINDAL STAINLESS EXEC: EXPECT GOOD DEMAND FROM AUTO, RAILWAYS

Source text for Eikon: [ID:]

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May 14 (Reuters) - Jindal Stainless Ltd JIST.NS:

• SUPPLIES HIGH-STRENGTH STAINLESS STEEL TO INDIA'S FIRST VANDE METRO TRAIN

• HAS SUPPLIED TEMPERED 201LN GRADE OF HIGH-STRENGTH STAINLESS STEEL FOR VANDE METRO TRAIN

Further company coverage: JIST.NS

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** Shares of Jindal Stainless JIST.NS rose as much as 3.4% in early trade, last up 1% to 714.15 rupees

** Co said on Wednesday it will invest nearly 54 bln rupees ($647.3 mln) for acquisitions and capacity expansion

** Co will report results in the coming weeks

** JIST stock rated "buy" on avg by analysts, JSW Steel JSTL.NS and Tata Steel TISC.NS rated "hold" - LSEG data

** YTD, JIST up ~25%; TISC and JSTL up ~19% and ~1%, respectively

($1 = 83.4290 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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May 1 (Reuters) - India's Jindal Stainless JIST.NS on Wednesday said it will invest up to 54 billion rupees ($646.6 million) for expansion and acquisition plans to improve its melting and downstream capacities.

($1 = 83.4684 Indian rupees)

(Reporting by Dimpal Gulwani)

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** Shares of Jindal Stainless JIST.NS trims some losses, last down 1.8% at 659.8 rupees

** India's biggest stainless steel maker announces partnership with busmaker JBM Auto JBMA.NS for more than 500 electric buses

** JIST was down ~3.8% before the announcement

** JBMA was already up after its unit won a $904 mln order

** Avg analyst rating on JIST is "buy", same as Jindal Steel and Power JNSP.NS, while JSW Steel JSTL.NS and Tata Steel TISC.NS rated "hold" on avg - LSEG data

(Reporting by Varun Vyas in Bengaluru)

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March 15 (Reuters) - Jindal Stainless Ltd JIST.NS:

• SUPPLIES STAINLESS STEEL FOR UNDERWATER METRO LINE OPENING FOR KOLKATA PUBLIC

Source text for Eikon: ID:nBSE6ybsJg

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March 4 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS COMMENCES USE OF GREEN HYDROGEN FOR STAINLESS STEEL SECTOR IN INDIA

Source text for Eikon: [ID:]

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By Neha Arora and Mayank Bhardwaj

NEW DELHI, Jan 25 (Reuters) - India's Jindal Stainless Ltd JIST.NS has cut its exports forecast for the fiscal year ending March due to freight disruptions in the Red Sea and faltering demand in Europe and the United States, a top executive said.

India's biggest stainless steel manufacturer hopes to ship out 10-12% of its estimated overall sales of over 2.1 million metric tons in 2023/24, down from its previous forecast of 15%, Abhyuday Jindal, managing director of Jindal Stainless, told Reuters in an interview.

The company is exploring "new options" and a "variable freight model", Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships in the Red Sea. He did not give details of the options being weighed by his company.

Under a variable freight model, the company could pass on changes in ocean freight charges to its customers.

Challenges such as cargo disruptions in the Red Sea, rising freight costs and weakening demand in Europe and the United States emerged in the third quarter of this fiscal year to March, Jindal said.

"On account of logistic challenges and higher freight charges, some of our export volumes have suffered," he said.

Last year, the company said it would aim to boost shipments to large buyers such as Russia and enter new markets in South America and the Middle East.

Since the Middle East accounts for a small portion of sales, the impact of instability in the region was minimal, Jindal said.

Unlike Europe and the United States, India's steel demand is buoyant due to a spurt in economic activity and a revamp of broader infrastructure.

Jindal said India's robust domestic demand would help the company sell more locally, with sectors such as defence, aerospace, healthcare and renewable energy consuming a lot of stainless steel.

However, suppliers from China and Vietnam had increased dumping of some grades of stainless steel, and that affects domestic producers immensely, he said.

Reuters earlier reported that India's finished steel imports from China touched a five-year high in the first eight months of the fiscal year that began in April, and the government was monitoring overseas shipments coming into the country.

(Reporting by Neha Arora and Mayank Bhardwaj
Editing by Mark Potter)

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Jan 22 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS ELEVATES TARUN KHULBE AS CHIEF EXECUTIVE OFFICER

Source text for Eikon: ID:nBSE9NtkQb

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Dec 19 (Reuters) - Jindal Stainless Ltd JIST.NS:

• ACCORDED ITS CONSENT FOR ACQUISITION OF 100% STAKE IN RABIRUN VINIMAY

• COST OF ACQUISITION AT 960 MILLION RUPEES

Source text for Eikon: ID:nBSE1pzR77

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Nov 24 (Reuters) - Jindal Stainless Ltd JIST.NS:

• APPROVED THE PROPOSAL TO LIQUIDATE UNIT PT JINDAL STAINLESS INDONESIA

Source text for Eikon: ID:nNSE6JlBjF

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Nov 22 (Reuters) - Jindal Stainless Ltd JIST.NS:

• JINDAL STAINLESS LTD- BEEN INFORMED BY SBICAP TRUSTEE COMPANY THAT PLEDGE OF EQUITY SHARES IS BEING RELEASED

• JINDAL STAINLESS LTD- THERE WOULD NOT BE ANY EQUITY SHARES PLEDGED WITH LENDERS

Source text for Eikon: ID:nBSE37TCVM

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** Shares of Jindal Stainless JIST.NS rise as much as 5.3% to 474 rupees

** India's biggest stainless steel maker by volumes reported on Thursday its Q2 consolidated net profit more than doubled to 7.74 bln rupees ($93.05 million), rev from ops grew nearly 12%

** Co added it is exploring selling, liquidating or divesting its unit in Indonesia

** Analysts covering the stock on average have a "strong buy" rating; median PT is 483 rupees - LSEG data

** Stock currently up 4.9%, bumping YTD gains to nearly 93%

($1 = 83.1820 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 19 (Reuters) - Jindal Stainless Ltd JIST.NS:

• SEPT-QUARTER CONSOL NET PROFIT 7.74 BILLION RUPEES VERSUS 3.53 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 97.97 BILLION RUPEES VERSUS 87.51 BILLION RUPEES

Source text for Eikon: ID:nBSE26jtJL

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By Sarita Chaganti Singh

NEW DELHI, Sept 26 (Reuters) - India will set carbon emission reduction targets for four fossil fuel dependent sectors, as the Asian country looks to align its industry with the country's greenhouse emissions reduction target, two government officials said.

The country will fix carbon emission intensity benchmarks and reduction targets for three years for companies in petrochemicals, iron and steel, cement and pulp and paper, two government officials, who did not want to be named, told Reuters. The market trading cycle will be annual, they said.

The companies in the four sectors are also likely to be the first ones to trade on the country's carbon trading market from April 2025, the officials added, which will enable them buy and sell carbon credits to met their goals.

Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals.

"The mandates will be applicable from 2024-25 and the (carbon) trade will start in 2025-26," one top government official said.

The targets will be aligned with the country's emission intensity - the total amount of greenhouse gas emissions emitted for every unit increase of gross domestic product (GDP) - reduction goals submitted to the United Nations, the officials said.

India has committed to cutting its ratio of greenhouse emissions to gross domestic product by 2030 to 45% of its 2005 level and to net zero by 2070.

The carbon credits will be traded on the proposed carbon market provided under a legislation cleared by the Indian Parliament in December last year.

India's ministries of environment and power did not respond to a query from Reuters.

The proposed Indian carbon market is different from those created in developed countries as they set a limit on emissions and then allocate tradable permits, or credits, to emitter industries.

The targets for reducing each sector's emissions are being set by a committee comprising of key ministries such as environment, power and renewable energy.

The rules and targets for the industries are likely to be announced before December, the two officials said.

India already has a market for trading certificates in above-target energy savings for entities in 13 sectors.

Green energy companies formed a group in October to mediate between the government and industry. They included Adani Green, owned by billionaire Gautam Adani, Hero Future Energies, Ayana Renewable Power and global private equity major KKR's Virescent Infra.

(Reporting by Sarita Chaganti Singh; Editing by Michael Perry)

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Aug 25 (Reuters) - Jindal Stainless Ltd JIST.NS:

• TO PARTICIPATE IN INDIA-SINGAPORE TRADETRUST EBLS PROJECT POWERED BY BLOCKCHAIN

Source text for Eikon: ID:nBSE27LFsC

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