Latest news with #BhushanPowerandSteel
Time of India
4 days ago
- Business
- Time of India
Steel min order on standards could hurt MSMEs; fear of losses, plant shutdowns: GTRI
A recent steel ministry order mandating BIS standards for imported semi-finished steel and their raw materials is causing concern among MSMEs. Effective June 16, the rule threatens losses and plant shutdowns as many businesses have shipments en route that may not comply. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs 1. Bhushan Power and Steel lenders move SC for review of JSW Steel decision The steel ministry 's latest order on sectoral standards could hurt MSMEs dependent on semi-finished imports, as they now fear heavy losses and potential plant shutdowns, think tank GTRI said on said that the steel ministry's June 13 order has expanded India's quality control regime to ensure that not just BIS (Bureau of Indian Standards) licensed products are imported in the country, but also the input/raw materials used to make them conform to the relevant Indian standards issued by order came into applies to shipments with a bill of lading dated June 16 onward."The rule has triggered fears of massive losses and plant closures among MSMEs that rely on imported semi-finished steel . Many have already paid for shipments now deemed non-compliant," the Global Trade Research Initiative (GTRI) per the order, not only should finished/semi-finished steel products comply with Indian Standards (IS), but also the raw materials or inputs used to make change applies to all steel and steel products covered under Quality Control Orders (QCOs). Importers have to ensure that input materials such as slabs, billets, or hot-rolled coils that are used to make BIS-certified steel in the foreign factory also need to adhere to the relevant BIS standard."India's sudden expansion of its steel import rules has sparked fears of major losses among small manufacturers. Industry groups say the new order gives businesses no time to comply," GTRI Founder Ajay Srivastava added that importers now risk seeing their shipments declared non-compliant, even if contracts were signed months ago and goods are already in said that critics, too, have questioned the feasibility and need for this certification for upstream suppliers can take six to nine months, yet the Ministry has enforced the new traceability requirement with only three days' notice and no stakeholder consultation, he added.
Business Standard
4 days ago
- Business
- Business Standard
Rajeswari Sengupta Rajeswari Sengupta
Rajeswari Sengupta India's overzealous anti-dumping response may gradually fuel protectionism Its liberal use of anti-dumping duties risks turning into protectionism - and may do more harm than good Bhushan Power and Steel case: A test for India's insolvency regime In a major reversal, the Supreme Court ruled that the resolution plan for BPSL, approved by the committee of creditors (CoC) and cleared by both the insolvency and the appellate tribunals Updated On : 19 May 2025 | 11:09 PM IST India must watch out for GDP growth with third chance at doorstep Having missed two chances to boost manufacturing, India can't afford to miss the third one now at its doorstep Updated On : 14 Apr 2025 | 11:09 PM IST Updated On : 18 Mar 2025 | 3:20 PM IST Budget 2025: Balancing reforms and fiscal consolidation to revive growth The two key questions are: What is the diagnosis of the economic slowdown? And what can the Budget do to address it? Updated On : 20 Jan 2025 | 11:37 PM IST Rajeswari Sengupta & Anirudh Burman: Ushering in insolvency professionals Countries such as the United Kingdom and Canada have a well-developed cadre of self-regulated insolvency professionals Updated On : 20 Nov 2016 | 9:30 AM IST GDP conundrum: Is India booming? While CSO insists India is the world's fastest-growing large economy, private economists say the country is struggling to recover from its post-2010 downturn Updated On : 17 Nov 2016 | 4:19 PM IST Anirudh Burman & Rajeswari Sengupta: Clear the air before enforcing Bankruptcy Code Poor regulation of the insolvency professional industry will lead to poor bankruptcy outcomes Updated On : 09 Oct 2016 | 9:59 PM IST Pratik Datta & Rajeswari Sengupta: RBI should not regulate asset reconstruction companies Banking and stressed asset management are two separate businesses Updated On : 02 Jul 2016 | 10:02 PM IST
Business Standard
24-05-2025
- Business
- Business Standard
JSW Steel Q4 PAT rises 16% YoY to Rs 1,503 cr
JSW Steel reported a 15.7% year-on-year (YoY) increase in consolidated net profit to Rs 1,503 crore for the quarter ended 31 March 2025, compared to Rs 1,299 crore in the corresponding period last year. The growth in profit came despite a 3.13% year-on-year decline in revenue from operations, which stood at Rs 44,819 crore during the quarter. Profit before exceptional items and tax stood at Rs 1,774 crore, down from Rs 2,012 crore in the year-ago quarter. The company reported exceptional items of Rs 44 crore for the period under review. EBITDA stood at Rs 6,378 crore in Q4 FY25, registering a growth of 4.15%, compared with Rs 6,124 crore in Q4 FY24. The EBITDA margin improved to 14.2%, aided by increased sales volumes and lower coking coal costs. Consolidated crude steel production for the quarter stood at 7.63 million tonnes, higher by 12% YoY and 9% QoQ. Capacity utilization at the Indian operations was 93% during the quarter. Steel sales for the quarter stood at 7.49 million tonnes, higher by 11% YoY and 12% QoQ. Domestic sales were 6.72 million tonnes, up 30% YoY and 12% QoQ. The institutional sales volumes increased 33% YoY and 11% QoQ, while retail sales increased 25% YoY and 15% QoQ. Exports were stable QoQ at 8% of sales from the Indian operations. For the full fiscal year FY25, the company reported consolidated crude steel production of 27.79 million tonnes and sales of 26.45 million tonnes, achieving the revised guidance issued in Q3 FY25. Net debt stood at Rs 76,563 crore as of March 31, 2025, down Rs 4,358 crore from 31 December 2024, driven by strong cash flows, working capital release, and disciplined capital expenditure. Net gearing improved to 0.94x from 1.00x in the previous quarter. Subsidiary Bhushan Power and Steel (BPSL) reported crude steel production of 0.98 million tonnes and sales of 0.94 million tonnes during the quarter. Revenue from operations came in at Rs 5,635 crore, while EBITDA rose 5% QoQ to Rs 570 crore, supported by higher volumes and reduced input costs. BPSL posted a net profit of Rs 42 crore for the quarter. Meanwhile, the board of directors recommended a dividend of Rs 2.80 per fully paid-up equity share of Rs 1 each for the year ended 31 March 2025. The record date for the dividend has been fixed as 8 July 2025. Additionally, the board approved the raising of long-term funds of up to Rs 14,000 crore. This includes Rs 7,000 crore via non-convertible debentures (NCDs) and another Rs 7,000 crore through equity shares or convertible instruments. Subject to regulatory approvals and market conditions, the board also cleared the issuance of secured/unsecured, redeemable NCDs not exceeding Rs 5,000 crore. JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company. Shares of Ashok Leyland rose 0.29% to end at Rs 1,008.50 on Friday, 23 May 2025.
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Business Standard
20-05-2025
- Politics
- Business Standard
Best of BS Opinion: Patching roads, not rerouting paths
Have you ever noticed there's a kind of optimism in repair work? The street is cracked, the foundation crumbles. The older cement pieces long gave way, cracked, uneven, almost forgotten. But someone is out there laying new bricks, hopeful that the next layer will hold. Today's stories speak to that quiet but persistent hope, of fixing broken systems, salvaging old promises, and forging ahead on damaged ground. Whether in politics, trade, law, or narrative, the road forward is uneven but we need to build anyway. Let's dive in. Take Bangladesh. In the name of reform, its interim government is simply laying old bricks with new slogans. Mohammed Yunus's regime, born out of street protests against Sheikh Hasina, is now banning her party and splintering the democratic space even further. The economy teeters as investor confidence shrinks and India slams the trade door shut. And yet, New Delhi's own diplomacy has been marked by inconsistency, first embracing Hasina's iron grip, now sulking in silence, highlights our first editorial. Rebuilding trust will take more than strategic silence; it'll need a path paved with honesty, accountability, and open dialogue. Closer home, a university professor is under arrest for suggesting that we match symbolic applause with real protections. Ali Khan Mahmudabad's case exposes how easily our institutions treat cautionary critique as hostility, notes our second editorial. The irony? His words about unity have been twisted into grounds for criminal charges, while louder, divisive voices walk free. In the government's zeal to control the narrative, it has cracked the very bricks it claims to protect. Meanwhile, India's trade tools are turning on their own. As Laveesh Bhandari writes, Quality Control Orders, designed to filter out subpar imports, are becoming stealth weapons against competition. Rather than lifting domestic capability, they're shielding big players, bruising small ones, and denying consumers the variety and affordability they deserve. And if we peek into insolvency law, the cracks run deep. Rajeswari Sengupta unpacks the Bhushan Power and Steel case, where the Supreme Court's liquidation order has thrown five years of resolution into the bin. Instead of building faith in the system, institutional lapses have left investors watching their bricks crumble. Even storytelling isn't immune. Chintan Girish Modi's review of The Storypreneur's Playbook by Nitin Babel and Prateek Roy Chowdhury, offers a hero's journey for entrepreneurs, but one where most of the heroes are men, and the path feels too clean, too narrow, for today's complex terrain.
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Business Standard
14-05-2025
- Business
- Business Standard
Finality of biz transactions: How delays undermined the Bhushan resolution
Court ordered the liquidation of BPS, which had been successfully rescued under the IBC in 2019 with the approval of relevant market participants and layers of state agencies M S Sahoo Mumbai Listen to This Article On May 2, the Supreme Court disposed of an appeal filed five years earlier concerning the resolution of Bhushan Power and Steel (BPS) under the Insolvency and Bankruptcy Code, 2016 (IBC). It delivered a detailed, fact-intensive judgment marked by clinical precision. The judgment exposes a series of illegalities and lapses — some deliberate and collusive — including those that occurred after the appeal was admitted, during the approval and implementation of the company's resolution plan. The judgment documents serious failings on the part of the resolution professional (RP), the successful resolution applicant (RA), the committee of creditors (CoC), the National
