Steel Authority of India Ltd (SAIL) emerged in the second spot with a production of 16.15 mt in FY20, while JSW Steel slipped to third slot with an annual production of 16.06 mt in FY20. In FY19, JSW Steel had produced 16.69 mt while SAIL had an annual production of 16.3 mt.
The loco is equipped with a number of advanced features. This includes upgradation of power of present WAP-7 & WAG-9H loco of 6000HP to 9000HP, upgradation of traction converter, transformer with higher capacity, upgradation of traction motor with high horsepower. The frame of loco has also been upgraded to suit the upgraded equipments.
"We need to rise now to ensure that the economy does not fall into a slumber that will take huge efforts to awaken. A depression in the economy is also a threat to this nation," the JSW Group Chairman said in a statement.
The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of BSE Limited.
In an official statement issued on Thursday the company said it attained record production volumes in FY 2019-20 despite challenging economic conditions, including the fallout of COVID-19 in the fourth quarter of the fiscal year. Pellet production reached 11.63 million tonne during FY 2019-20, up 9.4% from 10.63 million tonne in the previous fiscal.
Commenting on it, Anil Kumar Chaudhary, Chairman, SAIL said: “SAIL has been continuously focussing on ramping up its steel production from the new units, which came up under modernization along with optimally utilizing the older units."
The nationwide lockdown triggered by the Covid-19 pandemic is taking a severe toll on steel companies with experts estimating a demand slump of up to 25%, even as rating agency Moody’s has placed Tata Steel and JSW under review for a ratings downgrade.
Tata Steel, one of India's largest private steel players, has been forced to cut back production by nearly half since the Covid-19 lockdown was imposed.
The steel demand forecast has three implicit assumptions - that the lockdown will not be extended beyond 40 days; that the government will come up with further fiscal stimulus, boosting demand and helping frontend stalled projects once the lockdown ends; and that the disruptions and challenges arising out of the lockdown will be overcome by early June.
This is part of an overall fund raising plan by Tata Steel that aims to raise up to Rs 7,000 crore through private placement.
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