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Jindal Steel & Power Ltd (JSPL) on Friday said it expects steel prices to remain firm for the remaining months of the current financial year.
“We expect economic activities to pick up in next six months. This would push up steel demand. At the same time, iron ore prices are also heading northwards,” said Sushil Maroo, Director and Group CFO.
JSPL plans to borrow about $200-300 million in the next six months from overseas market. These funds would be spent for foreign projects. Currently, JSPL has debt to the tune of Rs 15,000 crore.
JSPL reported a 1.3 per cent increase in its consolidated net profit during July-September 2012 against the corresponding period previous year.
The Naveen Jindal-promoted company recorded profit after tax of Rs 903.45 crore in the second quarter of current financial year against Rs 891.80 crore in the same period last year.
The reason for flat profit is due to weak demand in first two quarters because of less economic activity and monsoon and fall in power performance because plants were under maintenance.
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