Jindal Steel and Power declines 1% as Naveen Jindal takes on non-executive chairman post

Naveen Jindal’s term of appointment as executive director and chairman is due to end on September 30, 2023.

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Shares of Jindal Steel and Power were trading at Rs 696.35, nearly one percent lower at open on the NSE on September 20. On September 18, it was announced that Chairman Naveen Jindal will continue on as a non-executive chairman post completion of his term. As of 10 am, the stock continued to trade in the red at Rs 694.40, 1.03 percent lower than close on September 18.

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According to the regulatory filing, Jindal Steel and Power‘s executive director and chairman Naveen Jindal has chosen to continue on the Board in the capacity of non-executive chairman, with effect from October 1, 2023. Under the new designation, Jindal will “continue to guide the Company to shape its vision of being an ever flourishing company focused on nation building, value creation, and sustainable development,” the filing said.

In September 2023, the company said that credit rating agency ICRA revised the credit rating of Jindal Steel and Power from “ICRA AA (-) with Positive outlook” to “ICRA AA with Stable outlook”, for the long-term bank facilities of Jindal Steel and Power Limited. According to the filing, the credit rating for the short-term bank facilities has been reaffirmed as “ICRA A1 (+)”.

Also Read: Jindal Steel and Power: Better placed than peers

Jindal Steel and Power is a leading name in the steel, power, mining, and infrastructure segments. JSP currently exports a diversified product portfolio to more than 22 countries.

Also read: Jindal Steel & Power may explore cement expansion

In April 2023, the company was in the process of putting its groundwork in place to add about 15 million tonnes of integrated cement capacity to its existing steel and power business, according to the company’s green filings. But according to a Moneycontrol report, sources said that the plans were at the clearance stage and unlikely to take priority before 2025.

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