The government of India needs to take steps to protect the domestic steel producers, says Ravi Uppal, MD & CEO, Jindal Steel & Power Limited.
Ravi Uppal, MD & CEO, Jindal Steel & Power Limited (JSPL) in an interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy spoke about the outlook for steel prices for the company and the industry.
According to him the steel prices will continue to remain under pressure on back significant imports from China.
Chinese steel is cheap compared to domestic steel because the Chinese manufactures get lot of subsidies and help from their government whereas for Indian steel manufacturers
Indian steel producers face threat from their Chinese counterparts because there is no level playing field. Chinese manufacturers can afford cheaper steel on back of aid in terms of subsidies from their government, says Uppal. Moreover the steel demand too has been weak in FY15, he adds.
According to him the government of India needs to take steps to protect the domestic steel producers.
He thinks with the coal e-auction the landscape for coal production is likely to change in the coming 12 months and India will then have adequate coal in the next 1-2 years.
Indian steel producers are very competent but need to hike up the capacity from 100 million tonne to 300 million tonne and build manufacturing sector, says Uppal.
Talking about expansion plans, he says the money raised from Kotak Mahanidra Bank via NCDs will be used for expansions as well as coal auction.
transcript to follow
Jindal Steel stock price
On December 23, 2014, at 11:10 hrs Jindal Steel & Power was quoting at Rs 147.35, up Rs 1.80, or 1.24 percent. The 52-week high of the share was Rs 350.00 and the 52-week low was Rs 125.05.
The company's trailing 12-month (TTM) EPS was at Rs 15.19 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 9.7. The latest book value of the company is Rs 142.79 per share. At current value, the price-to-book value of the company is 1.03.
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