The long-term credit facilities of Jindal Stainless (Hisar) have been reaffirmed at 'CARE A-' rating with a stable outlook by CARE Ratings. The shortterm credit facilities of the Company have also been reaffirmed at 'CARE A2+' rating. JSHL's rating was retained in light of the Company maintaining an accomplished track record in financial and operational domains. Additionally, JSHL's strength to serve diversified end-user industries, with an emphasis on value-added products, has proved to be favourable in the rating analysis of the Company. A healthy per-tonne operating profit, coupled with debt reduction and improved cashflow, weighed positively for the Company on the rating scale.

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Net loss of Jindal Stainless reported to Rs 121.78 crore in the quarter ended June 2020 as against net profit of Rs 46.65 crore during the previous quarter ended June 2019. Sales declined 57.83% to Rs 1376.06 crore in the quarter ended June 2020 as against Rs 3263.32 crore during the previous quarter ended June 2019.

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Net loss of Jindal Stainless reported to Rs 86.50 crore in the quarter ended June 2020 as against net profit of Rs 66.83 crore during the previous quarter ended June 2019. Sales declined 58.86% to Rs 1261.52 crore in the quarter ended June 2020 as against Rs 3066.72 crore during the previous quarter ended June 2019.

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The Board of Jindal Stainless at its meeting held on 08 September 2020 has approved the appointment of Parveen Kumar Malhotra (DIN : 03494232), in place of Gautam Kanjilal (DIN: 03034033), as a Nominee Director on the recommendation of the State Bank of India,acting as the lead bank of the consortium of lenders of the Company, w.e.f. 8 September 2020.

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