Giving its outlook, the company said that due to continuing high inflation, large fiscal and current account deficits and a volatile currency, domestic stainless steel industry has been fighting hard to stay afloat.
Besides, a recent government decision to hike basic customs duty on import of steel scrap has placed domestic players at a huge competitive disadvantage vis-a-vis other countries, the company. It added that due to all of these, margins are under pressure and capacity utilisation is lower.
"In spite of various odds, stainless steel industry can be expected to grow at around 8-9 per cent provided the government is able to correct the unfavourable duty structure," JSL's Head Corporate Affairs Rohit Raina said.
Shares of the company fell by 1.70 per cent to close at Rs 37.50 apiece on the BSE today.