India's Jindal SAW posts quarterly profit drop on lower demand
May 2 (Reuters) - India's Jindal SAW (JIND.NS), opens new tab, which makes steel pipes for the energy, transportation and water sectors, reported a smaller fourth-quarter profit on Friday as demand dropped due to a slowdown in construction activity.
The company's consolidated net profit after tax decreased 42% to 2.91 billion rupees ($34.5 million) in the three months ended March 31.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.
Revenue from operations fell about 7% to 50.47 billion rupees. Sales of iron and steel pipes dropped 9.2% to 434,000 million tonnes.
For further earnings highlights, click.
KEY CONTEXT
Domestic steel demand in the January-March quarter was lower than a year earlier as government spending, which had ramped up ahead of the 2024 national general elections, tapered off.
However, falling prices of iron ore and coking coal, key raw materials, lowered Jindal SAW's expenses, which dropped 4.7% to 46.02 billion rupees.
PEER COMPARISON
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
JANUARY-MARCH STOCK PERFORMANCE
-- All data from LSEG IBES
-- $1 = 84.3940 Indian rupees
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
2 hours ago
- Reuters
Kenyan shilling steady versus dollar, LSEG data shows
NAIROBI, June 23 (Reuters) - Kenya's shilling was stable against the dollar on Monday, data from the London Stock Exchange Group showed. At 0700 GMT, commercial banks quoted the shilling at 129.00/50 per dollar, unchanged from Friday's close.
Reuters
19 hours ago
- Reuters
Bitcoin falls 4% to $99,237
June 22 (Reuters) - Bitcoin, the world's largest cryptocurrency by market value, was down by 4.13% at $99,237 at 10:52 a.m. ET (1452 GMT) on Sunday. Ether, the second-largest cryptocurrency, was down by around 8.52% at $2,199.
NBC News
2 days ago
- NBC News
Apple sued by shareholders for allegedly overstating AI progress
(Reuters) — Apple was sued on Friday by shareholders in a proposed securities fraud class action that accused it of downplaying how long it needed to integrate advanced artificial intelligence into its Siri voice assistant, hurting iPhone sales and its stock price. The complaint covers shareholders who suffered potentially hundreds of billions of dollars of losses in the year ending June 9, when Apple introduced several features and aesthetic improvements for its products but kept AI changes modest. Apple did not immediately respond to requests for comment. CEO Tim Cook, Chief Financial Officer Kevan Parekh and former CFO Luca Maestri are also defendants in the lawsuit filed in San Francisco federal court. Shareholders led by Eric Tucker said that at its June 2024 Worldwide Developers Conference, Apple led them to believe AI would be a key driver of iPhone 16 devices, when it launched Apple Intelligence to make Siri more powerful and user-friendly. But they said the Cupertino, California-based company lacked a functional prototype of AI-based Siri features, and could not reasonably believe the features would ever be ready for iPhone 16s. Shareholders said the truth began to emerge on March 7 when Apple delayed some Siri upgrades to 2026, and continued through this year's Worldwide Developers Conference on June 9 when Apple's assessment of its AI progress disappointed analysts. Apple shares have lost nearly one-fourth of their value since their December 26, 2024 record high, wiping out approximately $900 billion of market value.
