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This article is more than 3 year old.

JSW Steel included in Nifty50: Sajjan Jindal says inclusion is testimony of firm's hardwork

JSW Steel included in Nifty50: Sajjan Jindal says inclusion is testimony of firm's hardwork
JSW Steel was included in the Nifty50 index on Friday after its stellar performance in 2018. The company replaced pharma company Lupin.
JSW Steel has gained 48 percent this year. The company is also successfully heading towards Rs 1,00,000 crore market capitalisation.
Sajjan Jindal, chairman and managing director of the company, said that the inclusion of JSW steel in the Nifty index was the testimony of the firm's hardwork.
Jindal said that the company's balance sheet was strong enough and it has been conservative on capital spend and aggressive on growth.
On steel business, Jindal said the domestic steel industry is on a firm footing and the growth stands at 1.2x GDP. "The current numbers are proof of that as GDP is at 7 percent and steel demand is roughly at 8.5 percent," he said.
On rupee depreciation, he said the weakening currency gives a sense that the economy is weaker as well.
When asked about the impact of higher duty on steel imports, he said global steel prices are at reasonable levels and the domestic steel industry is comfortable even if duties are increased.
Elaborating on expansion plans, he said the company is targeting at a steel capacity of 40 million tonnes in India and 10 million tonnes globally by 2025. He added when the international business scales up to 10 million, the group could look at a possible listing in New York or London.
On Bhushan Power and Steel, Jindal said, "JSW steel has been very realistic in acquisition strategy ... if u want to buy a stock, you must not buy at peak of cycle."
The company was not looking at raising money from equity markets via QIP or via issuance of additional stake to JFE Holdings, he further mentioned. The promoter group has been adding stake in past five years and the stake has increased from 37 percent to 42 percent in the past four years, he added.
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