Jindal steel 8 per cent up Intraday

Today, Jindal steel was trading at Rs 93 in the early trading hours, around 8 per cent higher on the BSE as recently Jindal Steel's Raigarh Steel Plant created a new world record with 42 heats in its Steel Melting Shop’s New Oxygen Furnace (NOF). Jindal Steel developed a new steel making process - New Oxygen Furnace (NOF), wherein steel is made by charging upto 90 per cent of Liquid Hot Metal and using only chemical energy; without the aid of Electrical Energy. This innovative process ensures higher yield and productivity and low capital investment as compared to the Basic Oxygen Furnace (BOF). It also leads to lower slag generation and zero electrode consumption.

As part of the transition process from Electric Arc Furnace to Zero Electric Power Furnace, Jindal steel installed new high end ‘Oxygen Lances’ in the Furnace along with a high precision Tilting Mechanism and Launder for continuous pouring of Liquid Metal into the Furnace. The charging of the Liquid Hot Metal from the Blast Furnace into New Oxygen Furnace (NOF), was initiated for controlled and efficient steel making process.

On 16th of November 2015, the shares of Jindal Steel and Power surged over 3 per cent after the company announced that they are planning to cut costs and divest some non-core assets, as it swung to a second-quarter loss due to a drop in iron and steel sales and a one-time charge linked to an overseas unit.

Recently, the company registered a consolidated loss of Rs 617.94 crore in the September quarter, compared with a profit of Rs 441.83 crore in the one -year period, followed by a loss of Rs 226.82 crore in Australia and the Forex hit Rs 212.60 crore. After the Q2FY16 results, the company is looking to cut production costs and bring down its debt by selling some of its non-essential assets in the current fiscal year ending in March.